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TMI BlogInsertion of new section 80-IDX X X X Extracts X X X X X X X X Extracts X X X X ..... ied area. '80-ID (i) Where the gross total income of an assessee includes any profits and gains derived by an undertaking from any business referred to in sub-section (2) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if— (i) the eligible business is not formed by the splitting up, or the reconstruction, of a business already in existence; (ii) the eligible business is not formed by the transfer to a new business of a building previously used as a hotel or a convention centre, as the case may be; (iii) the eligible business is not formed by the transfer to a new business of machinery or plant previously use ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e profits and gains of the undertaking. (5) The provisions contained in sub-section (5) and sub-sections (8) to (11) of section 80-IA shall, so far as may be, apply to the eligible business under this section. (6) For the purposes of this section,— (a) "convention centre" means a building of a prescribed area comprising of convention halls to be used for the purpose of holding conferences and s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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