Section 32 - Amendment of section 80-HHD - Finance (No. 2) Act, 1998

32. Amendment of section 80-HHD In section 80-HHD of the Income-tax Act, after sub-section (6) and before the Explanation, the following sub-section shall be inserted with effect from the 1st day of April, 1999, namely:- (7) Where a deduction under sub-section (1) is claimed and allowed in respect of profits derived from the business of a hotel, such part of profits shall not qualify to the extent for deduction for any assessment year under any other provisions of this Chapter under the heading C.-Deductions in respect of certain incomes, and shall in no case exceed the profits and gains of such hotel.