Amendment of section 35AD

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..... he Petroleum and Natural Gas Regulatory Board established under sub-section (1) of section 3 of the Petroleum and Natural Gas Regulatory Board Act, 2006"[ 19 of 2006] shall be substituted; (b) for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of April, 2011, namely:— '(3) Where a deduction under this section is claimed and allowed in respect of the sp .....

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..... ause (aa)" shall be substituted; (d) in sub-section (8), in clause (c), after sub-clause (iii), the following sub-clause shall be inserted with effect from the 1st day of April, 2011, namely:— "(iv) building and operating, anywhere in India, a new hotel of two-star or above category as classified by the Central Government;". - Clause 10 of the Bill seeks to amend section 35AD of the Income tax Act .....

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..... t less than one-third of its total pipeline capacity available for use on common carrier basis by any person other than the assessee or an associated person. Sub-clause (a) proposes to amend sub-clause (c) of clause (iii) of sub-section (2) of the aforesaid section 35AD so as to provide that the proportion of the total pipeline capacity to be made available for use on common carrier basis should b .....

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..... ns of Chapter VI-A under the heading C.- Deductions in respect of certain incomes in relation to such specified business for the same or any other assessment year. Sub-section (5) of the aforesaid section 35AD prescribes the conditions as regards the date of commencement of the specified business. Sub-clause (c) proposes to amend sub-section (5) of the aforesaid section so as to insert a new claus .....

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..... lassified by the Central Government within the purview of specified business . These amendments will take effect from 1st April, 2011 and will, accordingly, apply in relation to the assessment year 2011-2012 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagemen .....

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