Deduction restriction for specified businesses bars overlapping tax incentives and imposes eight year asset use recapture on misuse. Amendments to section 35AD preclude a specified business claiming the section 35AD deduction from claiming the deduction under section 10AA; add slurry pipeline transportation of iron ore and semiconductor wafer fabrication units (Board notified under guidelines) as specified businesses with commencement on or after 1 April 2014; require assets for which deductions are claimed to be used only for the specified business for eight years; provide recapture of deductions (reduced by depreciation) as business income if assets are diverted, with an exception for companies declared sick under the Sick Industrial Companies Act; effective 1 April 2015.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction restriction for specified businesses bars overlapping tax incentives and imposes eight year asset use recapture on misuse.
Amendments to section 35AD preclude a specified business claiming the section 35AD deduction from claiming the deduction under section 10AA; add slurry pipeline transportation of iron ore and semiconductor wafer fabrication units (Board notified under guidelines) as specified businesses with commencement on or after 1 April 2014; require assets for which deductions are claimed to be used only for the specified business for eight years; provide recapture of deductions (reduced by depreciation) as business income if assets are diverted, with an exception for companies declared sick under the Sick Industrial Companies Act; effective 1 April 2015.
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