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of <h1>Ten-year tax exemption for new industrial units in specified North-East growth centres with conditions, computation rules, and restrictions</h1> Profits and gains of industrial undertakings commencing manufacture on or after 1 April 1998 in specified Integrated Infrastructure Development Centres or Industrial Growth Centres in the North-Eastern Region are exempt from total income for ten consecutive assessment years, subject to conditions that the undertaking is not formed by splitting/reconstruction of an existing business or by transferring previously used machinery. Specific computation rules override certain deductions, disallow carry-forward of specified losses, and preclude other incentives for those years. The assessee may elect out before filing the return; no deduction is allowed for assessment years beginning 1 April 2004 and after. Definitions of the centres and region are prescribed.
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