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TMI BlogInsertion of New section 80IAX X X X Extracts X X X X X X X X Extracts X X X X ..... g the total income of the assessee, a deduction from such profits and gains of an amount equal to the percentage specified in sub-section (5) and for such number of assessment years as is specified in sub-section (6). (2) This section applies to any industrial undertaking which fulfils all the following conditions, namely:- (i) it is not formed by splitting up, or the reconstruction, of a business already in existence: Provided that this condition shall not apply in respect of an industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditions are fulfilled, namely:- (a) such machinery or plant was not, at any time previous to the date of the installation by the assessee, used in India; (b) such machinery or plant is imported into India from any country outside India; and (c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee. Explanation 2.- Where in the case of an industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the Central Government may having regard to the need for development of infrastructure for tourism in any place and other relevant considerations specify for the purpose of this clause, starts functioning at any time during the period beginning on the 1st day of April, 1990 and ending on the 31st day of March, 1994; (iv) the business of the hotel- (1) located in any place, or (2) located in a place other than a place referred to in clause (i) of this sub-section, starts functioning at any time during the period beginning on the 1st day of April, 1991 and ending on the 31 day of March, 1995; (v) the hotel is for the time being approved by the prescribed authority. (5) The amount referred to in sub-section (1) shall be- (i) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profits and gains from an industrial undertaking; (iii) ten in the case of any other assessee deriving profits and gains, from a ship or the business of a hotel. (7) Notwithstanding anything contained in any other provision of this Act, the profits and gains of an eligible business to which the provisions of sub-section (1) apply shall, for the purposes of determining the quantum of deduction under sub-section (5) for the assessment year immediately succeeding the initial assessment year or any subsequent assessment year, be computed as if such eligible business were the only source of income of the assessee during the previous year relevant to the initial assessment year and to every subsequent assessment year up to and including the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er hereinbefore specified presents exceptional difficulties, the Assessing Officer may compute such profits and gains on such reasonable basis as he may deem fit. Explanation. In this sub-section. "market value" in relation to any goods, means the price that such goods would ordinarily fetch on sale in the open market. (10) Where it appears to the Assessing Officer that, owing to the close connection between the assessee carrying on the eligible business to which this section applies and any other person, or for any other reason the course of business between them is so arranged that the business transacted between them produces to the assessee more than the ordinary profits which might be expected to arise in such eligible bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied area committee, town area committee or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the preceding census of which relevant figures have been published before the first day of the previous year; or (ii) an area within such distance not being more than fifteen kilometres from the local limits of any municipality or cantonment board referred to in sub-clause (i), as the Central Government may, having regard to the stage of development of such area (Including the extent of, and scope for, urbanisation of such area) and other relevant considerations specify in this behalf by notification in the Official Gazette; (f) "small-scale industrial undertaking" means an i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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