Insertion of new section 80-IAC.

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..... assessee, being an eligible start-up, includes any profits and gains derived from eligible business, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains derived from such business for three consecutive assessment years. (2) The dedu .....

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..... y used for any purpose. Explanation 1.- For the purposes of this clause, 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 all the following conditions are fulfilled, namely:- (a) such machinery or plant was not, at any time previous to the date of the installation by the assesse .....

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..... een complied with. (4) The provisions of sub-section (5) and sub-sections (7) to (11) of section 80-IA shall apply to the start-ups for the purpose of allowing deductions under sub-section (1). Explanation.- For the purposes of this section,- (i) eligible business means a business which involves innovation, development, deployment or commercialisation of new products, processes or services driven .....

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