9911796707
TMI BlogAmendment of section 80-IAX X X X Extracts X X X X X X X X Extracts X X X X ..... y of April, 1998; (b) in sub-section (4), with effect from the 1st day of April, 1998, - (i) for the portion beginning with the words "This section applies -" and ending with the words, brackets and figures "either of the conditions (iii) or (iv) are fulfilled, namely :-", the following shall be substituted, namely :- "This section applies to the business of any hotel - (a) where conditions (i), (ii) and (v); and (b) either of the conditions (iii) or (iv); or (c) either of the conditions (iiia) or (iva), are fulfilled, namely :-"; (ii) after clause (iii), the following clause shall be inserted, namely :- "(iiia) the business of the hotel, located in a hilly area or a rural area or a place of pilgrimage or such other place ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther basic or cellular at any time on or after the 1st day of April, 1995, but before the 31st day of March, 2000."; (d) after sub-section (4C) as so inserted, the following sub-sections shall be inserted with effect from the 1st day of April, 1998, namely :- "(4D) This section applies to any undertaking which begins to operate an industrial park notified by the Central Government in accordance with the scheme framed and notified by that Government for the period beginning on the 1st day of April, 1997, and ending on the 31st day of March, 2002. (4E) This section applies to any undertaking which begins commercial production of mineral oil in the North Eastern Region."; (e) in sub-section (5), - (i) after clause (ib), the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided that the said hotel is approved by the prescribed authority for the purposes of this clause in accordance with the rules made under this Act;"; (iv) in clause (iii), after the word, brackets and figures "clause (iv)", the words, brackets, figures and letter "or clause (iva)" shall be inserted with effect from the 1st day of April, 1998. "(v) after clause (iv), the following clause shall be inserted with effect from the 1st day of April, 1998, namely :- "(v) in the case of undertaking referred to in sub-section (4E) hundred per cent. of profits and gains derived from such business for the initial seven assessment years,"; (f) in sub-section (6), - (i) after clause (v), the following clause shall be inserted and shall be deem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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