9911796707
TMI BlogCapital expenditure of specified business.X X X X Extracts X X X X X X X X Extracts X X X X ..... This section shall apply to the specified business fulfilling the following conditions:- (a) it is not set up by splitting up, or the reconstruction, of an already existing business; (b) it is not set up by the transfer of machinery or plant previously used for any purpose to the specified business; (c) if the business is of the nature referred to in sub-section (11)(d)(iii) and such business- (i) is owned by a company formed and registered in India under the Companies Act, 2013 (18 of 2013) or by a consortium of such companies or by an authority or a board or a corporation established or constituted under any Central Act or State Act; (ii) has been approved by the Petroleum and Natural Gas Regulatory Board established under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any other section in any tax year or under this section in any other tax year, if the deduction has been claimed and allowed to him under this section. (6) The provisions of this section shall apply to the specified business referred to in column B of the Table below if it commences its operations as specified in column C thereof. Table Sl.No. Nature of specified business Date of commencement of operations being on or after A B C 1. Laying and operating a crosscountry natural gas pipeline network for distribution, including storage facilities being an integral part of such network. 1st April, 2007. 2. Building and operating a new hotel of two-star or above category as classified by the Central Government. 1st April, 2010. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee builds a hotel of two star or above category as classified by the Central Government and subsequently, transfers the hotel operation thereof to another person while retaining its ownership, the assessee shall be deemed to be carrying on the specified business referred to in sub-section (11)(d)(iv). (8) The provisions contained in sections 122 (6) and 138 (18) and (23) shall, so far as may be, apply to this section in respect of goods or services or assets held for the purposes of the specified business. (9) Any asset for which a deduction is claimed and allowed under this section-- (a) shall be used only for the specified business for a period of eight years beginning with the tax year in which such asset is acquired or constr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) "cold chain facility" means a chain of facilities for storage or transportation of agricultural and forest produce, meat and meat products, poultry, marine and dairy products, products of horticulture, floriculture and apiculture and processed food items under scientifically controlled conditions including refrigeration and other facilities necessary for the preservation of such produce; (c) "infrastructure facility" shall have the meaning assigned to it in the Explanation to section 80-IA(4) of the Income-tax Act, 1961 (43 of 1961); (d) "specified business" means any one or more of the following businesses:- (i) setting up and operating a cold chain facility; (ii) setting up and operating a warehousing facility for storage of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny 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- (i) such machinery or plant was not, at any time before the date of the installation by the assessee, used in India; (ii) such machinery or plant is imported into India; and (iii) no deduction of depreciation for 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 before the date of installation of the machinery or plant by the assessee; (f) if any machinery or plant or its part previously used for any purpose is transferred to the specified business and its total value ..... X X X X Extracts X X X X X X X X Extracts X X X X
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