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TMI BlogInsertion of new section 10CX X X X Extracts X X X X X X X X Extracts X X X X ..... fits and gains derived by an assessee from an industrial undertaking, which has begun or begins to manufacture or produce any article or thing on or after the 1st day of April, 1998 in any Integrated Infrastructure Development Center or Industrial Growth Center located in the North-Eastern Region (hereafter in this section referred to as the industrial undertaking) shall not be included in the tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l apply for the purposes of clause (ii) of this sub-section as they apply for the purposes of clause (ii) of that sub-section. (3) The profits and gains referred to in sub-section (1) shall not be included in the total income of the assessee in respect of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the industrial undertaking begins t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 32, sub-section (4) of section 35 or the second proviso to clause (ix) of sub-section (1) of section 36, as the case may be, shall not apply in relation to any such deduction; (ii) no loss referred to in sub-section (1) of section 72 or sub-section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the industrial undertaking, shall be carried forward or s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apply for the purposes of the industrial undertaking referred to in section 80-IA or section 80-IB, as the case may be. (6) Notwithstanding anything contained in the foregoing provisions of this section, where the assessee before the due date for furnishing the return of his income under sub-section (1) of section 139, furnishes to the Assessing Officer a declaration in writing that the provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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