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TMI BlogInsertion of new section 35ADX X X X Extracts X X X X X X X X Extracts X X X X ..... be allowed as deduction during the previous year in which he commences operations of his specified business, if— (a) the expenditure is incurred prior to the commencement of its operations; and (b) the amount is capitalised in the books of account of the assessee on the date of commencement of its operations.''. (2) This section applies to the specified business which fulfils all the following conditions, namely:— (i) it is not set up by splitting up, or the reconstruction, of a business already in existence; (ii) it is not set up by the transfer to the specified business of machinery or plant previously used for any purpose; (iii) where the business is of the nature referred to in sub-clause (iii) of clause (c) of sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... storage facilities being an integral part of such network; and (b) on or after the 1st day of April, 2009, in all other cases not falling under clause (a). (6) The assessee carrying on the business of the nature referred to in clause (a) of sub-section (5) shall be allowed, in addition to deduction under sub-section (1), a further deduction in the previous year relevant to the assessment year beginning on the 1st day of April, 2010, of an amount in respect of expenditure of capital nature incurred during any earlier previous year, if— (a) the business referred to in clause (a) of sub-section (5) has commenced its operation at any time during the period beginning on or after the 1st day of April, 2007 and ending on the 31st day of Marc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... siness" means any one or more of the following business,namely:— (i) setting up and operating a cold chain facility; (ii) setting up and operating a warehousing facility for storage of agricultural produce; (iii) laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network; (d) any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if— (i) such machinery or plant was not, at any time prior to the date of the installation by the assessee, used in India; (ii) such machinery or plant is imported into India f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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