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TMI BlogTHE TWELVETH SCHEDULE - COMPUTATION OF PROFITS OF THE BUSINESS OF DEVELOPING A SPECIAL ECONOMIC ZONEX X X X Extracts X X X X X X X X Extracts X X X X ..... profits of the business of developing a special economic zone shall be the gross income from the business carried on by the assessee at any time during the financial year as reduced by the amount of business expenditure incurred by the assessee, wholly and exclusively, for the purposes of the business during the year. 3. The gross income referred to in rule 1 shall be the aggregate of,- (a) the ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... chase, lease or rental of land or land rights; (e) capital expenditure incurred by the assessee; (f) expenditure referred to in clauses (a) to (e) incurred before commencement of the business; (g) the amount of negative profit computed under this Schedule for any financial year immediately preceeding the relevant financial year. 5. The profits of the business of developing a special economic zone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terminal allowance under section 38. 8. The amount of common costs (including depreciation) attributable to the business of developing a special economic zone shall be determined in the prescribed manner. 9. The successor in a business reorganisation of the business of developing a special economic zone shall be allowed a deduction in respect of the negative profit determined in the case of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in rule 1, which fulfills all the following conditions, namely:- (a) it is not set up by splitting up, or the reconstruction, of a business already in existence; (b) it is not set up by the transfer to the specified business of machinery or plant previously used of any purpose. 12. For the purposes of this Schedule, unless the context otherwise requires,- (a) any machinery or plant which was used ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant or any part thereof, previously used for any purpose and transferred to the business referred to in sub-rule 1, does not exceed twenty per cent of the total value of the machinery or plant used in the business; (c) the capital expenditure referred to in sub-rule 3 shall not include any expenditure incurred on the acquisition of any land, goodwill or financial instrument. - - statute, statut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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