9911796707
TMI BlogCOMPUTATION OF PROFITS OF A SPECIFIED BUSINESSX X X X Extracts X X X X X X X X Extracts X X X X ..... siness of 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 the network; (f) business of setting up and operating a cold chain facility; (g) business of setting up and operating a warehousing facility for storage of agricultural produce; (h) business of building and operating, anywhere in India, a new hotel of two-star or above category as classified by the Central Government and commences operation on or after the 1st day of April, 2010; (i) business of building and operating, anywhere in India, a new hospital with at least one hundred beds for patients and commences operation on or after the 1st day of April, 2010; (j) busine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee; (c) expenditure on any licence charges, rental fees or other charges, if actually paid; (d) capital expenditure incurred by the assessee; (e) expenditure referred to in clauses (a) to (d) incurred before the commencement of the business. 6. The profits computed under paragraph 1 shall be presumed to have been computed— (a) after giving full effect to every loss, allowance or deduction referred to in sections 35 to 40 (both inclusive); (b) after giving full effect to any deduction allowable under Sub-Chapter-IV of Chapter III in relation to the profits of the specified business. 7. The written down value of any business asset used in the specified business shall be computed as if the assessee has claimed and has been actually allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 2006 available for use on common carrier basis by any person other than the assessee or an associated person; and (iv) fulfils any other condition as may be prescribed. 10. In this Schedule, unless the context otherwise requires— (a) an "associated person" in relation to the assessee, means a person— (i) who participates, directly or indirectly, or through one or more intermediaries in the management or control or capital of the assessee; (ii) who holds, directly or indirectly, shares carrying not less than twenty-six per cent. of the voting power in the capital of the assessee; (iii) who appoints more than half of the Board of directors or members of the governing board, or one or more executive directors or executive members of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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