Tax exemption for north-eastern industrial undertakings permits tax-exempt profits subject to conditions and restricted deductions. Special tax exemption excludes profits of qualifying industrial undertakings in specified Integrated Infrastructure Development Centers or Industrial Growth Centers in the North Eastern Region from total income, provided the undertaking is newly formed and not constituted by transfer of previously used machinery. The exemption applies for ten consecutive assessment years from commencement of manufacturing, during which certain deductions and carryforward of losses are restricted, depreciation is computed as if deductions had been allowed, and the assessee may opt out by prior written declaration.
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.
Tax exemption for north-eastern industrial undertakings permits tax-exempt profits subject to conditions and restricted deductions.
Special tax exemption excludes profits of qualifying industrial undertakings in specified Integrated Infrastructure Development Centers or Industrial Growth Centers in the North Eastern Region from total income, provided the undertaking is newly formed and not constituted by transfer of previously used machinery. The exemption applies for ten consecutive assessment years from commencement of manufacturing, during which certain deductions and carryforward of losses are restricted, depreciation is computed as if deductions had been allowed, and the assessee may opt out by prior written declaration.
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