9911796707
TMI BlogAmendment of section 35ADX X X X Extracts X X X X X X X X Extracts X X X X ..... f April, 2014, where the specified business is in the nature of setting up and operating a semi-conductor wafer fabrication manufacturing unit, and which is notified by the Board in accordance with such guidelines as may be prescribed; and ; (c) after sub-section (7), the following sub-sections shall be inserted, namely: (7A) Any asset in respect of which a deduction is claimed and allowed under this section shall be used only for the specified business, for a period of eight years beginning with the previous year in which such asset is acquired or constructed. (7B) Where any asset, in respect of which a deduction is claimed and allowed under this section, is used for a purpose other than the specified business during the period specified i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or financial instrument, wholly and exclusively for the purposes of any specified business carried on by the assessee during the previous year in which such expenditure is incurred. The said section also provides that deduction under the provisions of Chapter VI-A under the heading C.--Deductions in respect of certain incomes shall not be available to any specified business which has claimed deduction under the said section. It is proposed to amend sub-section (3) of the aforesaid section so as to provide that no deduction shall be allowed to the specified business under section 10AA for any assessment year if such specified business has claimed any deduction under section 35AD. It is further proposed to insert new clauses (ai) and (aj) in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofession of the previous year in which the asset is so used. It is also proposed to insert a new sub-section (7C) in the aforesaid section so as to provide that nothing contained in sub-section (7B) shall apply to a company which has become a sick industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985, during the period specified in sub-section (7A). It is also proposed to amend sub-section (8) of section 35AD so as to include the following businesses as specified business for the purposes of deduction under this section,- (i) laying and operating a slurry pipeline for the transportation of iron ore; (ii) setting up and operating a semi-conductor wafer fabrication manufacturing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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