Amendment of Section 80J

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..... ion shall have effect as if for the words "six per cent.", the words "seven and a half per cent." had been substituted.'; (b) in sub-section (4), - (i) in clause (ii), the words and brackets "a building (not being a building taken on rent or lease)," shall be omitted with effect from the 1st day of April, 1976; (ii) in clause (iii), for the words "twenty-eight years", the words "thirty-three years" shall be substituted; (iii) the following proviso and Explanations shall be inserted at the end with effect from the 1st day of April, 1976, namely :- "Provided further that, where any building or any part thereof previously used for any purpose is transferred to the business of the .....

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..... total value of the machinery or plant or part so transferred shall not be taken into account in computing the capital employed in the industrial undertaking."; (c) in sub-section (5), in clause (iii), for the words "twenty-eight years", the words "thirty-three years" shall be substituted; (d) in sub-section (6), - (i) for clause (a), the following clause shall be substituted, namely :- "(a) the business of the hotel is not formed by the splitting up, or the reconstruction, of a business already in existence or by the transfer to a new business of a building previously used as a hotel or of any machinery or plant previously used for any purpose;"; (ii) after clause (d), the following clause shall .....

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..... he deduction is claimed have been audited by an accountant, as defined in the Explanation below sub-section (2) of section 288, and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form duly signed and verified by such accountant. (6B) Where any goods held for the purposes of the business of the industrial undertaking or the hotel or the operation of the ship are transferred to any other business carried on by the assessee, or where any goods held for the purposes of any other business carried on by the assessee are transferred to the business of the industrial undertaking or the hotel or the operation of the ship and, in either case, the consideration, if any, for such transfer as record .....

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