Section 15 - Amendment of section 80IA - Finance Act, 1993

15. Amendment of section 80-IA In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 1994, - (1) in sub-section (2), for clause (iv), the following clause shall be substituted, namely :- (iv)(a) in the case of an industrial undertaking not specified in sub-clause (b), it begins to manufacture or produce articles or things or to operate such plant or plants, at any time during the period beginning on the 1st day of April, 1991, and ending on the 31st day of March, 1995, or such further period as the Central Government may, by notification in the Official Gazette, specify with reference to any particular industrial undertaking; (b) in the case of an industrial undertaking located in an industrially backward State specified in the Eight Schedule or set up in any part of India for the generation, or generation and distribution, of power, it begins to manufacture or produce articles or things or to operate its cold storage plant or plants or to generate power at any time during the period beginning on the 1st day of April, 1993, and ending on the 31st day of March, 1998; ; (2) in sub-section (5), for clause (i), the following clause shall be substituted, namely :- (i)(a) in the case of an industrial undertaking referred to in sub-clause (a) of clause (iv) of sub-section (2), twenty-five per cent. of the profits and gains derived from such industrial undertaking; (b) in the case of an industrial undertaking referred to in sub-clause (b) of clause (iv) of sub-section (2), hundred per cent. of the profits and gains derived from such industrial undertaking for the initial five assessment years and thereafter twenty-five per cent. of the profits and gains derived from such industrial undertaking : Provided that where the assessee is a company, the provisions of this clause shall have effect as if for the words twenty-five per cent. , the words thirty per cent. had been substituted. .