Section 25 - Amendment of section 80I - Finance Act, 1983

25. Amendment of section 80I In section 80-I of the Income-tax Act, with effect from the 1st day of April, 1984, - (a) in sub-section (1), - (i) in the opening portion, after the words business of a hotel , the words or the business of repairs to ocean-going vessels or other powered craft shall be inserted; (ii) in the proviso, for the words shall have effect , the words shall have effect in relation to profits and gains derived from an industrial undertaking or a ship or the business of a hotel shall be substituted; (b) after sub-section (4), the following sub-section shall be inserted, namely :- (4A) This section applies to the business of repairs to ocean-going vessels or other powered craft which fulfils all the following conditions, namely :- (i) the business is not formed by the splitting up, or the reconstruction, of a business already in existence; (ii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose; (iii) it is carried on by an Indian company and the work by way or repairs to ocean-going vessels or other powered craft has been commenced by such company after the 31st day of March, 1983 but before the 1st day of April, 1988; and (iv) it is for the time being approved for the purposes of this sub-section by the Central Government. ; (c) in sub-section (5), - (i) in the opening portion, after the words hotel starts functioning , the words or the company commences work by way of repairs to ocean-going vessels or other powered craft shall be inserted; (ii) after the proviso, the following proviso shall be inserted, namely :- 'Provided further that in the case of an assessee carrying on the business of repairs to ocean-going vessels or other powered craft, the provisions of this sub-section shall have effect as if for the words seven assessment years , the words four assessment years had been substituted.'; (d) in sub-section (6), after the word hotel , at both the places where it occurs, the words or the business of repairs to ocean-going vessels or other powered craft shall be inserted; (e) in sub-section (8), after the words operation of the ship , wherever they occur, the words or the business of repairs to ocean-going vessels or other powered craft shall be inserted; (f) in sub-section (9), after the words ship , wherever it occurs, the words or the business of repairs to ocean-going vessels or other powered craft shall be inserted.