Tax deduction for integrated food-grains enterprises: full initial relief for limited years then reduced deduction thereafter. The amendment inserts a provision granting undertakings engaged in the integrated business of handling, storage and transportation of food grains a full deduction of profits and gains for an initial five assessment years and thereafter a reduced deduction (higher for companies), so that the total deduction period does not exceed ten consecutive assessment years, provided the undertaking begins such business on or after 1 April 2001; it also defines the initial assessment year as the assessment year relevant to the previous year in which the undertaking begins such business.
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 deduction for integrated food-grains enterprises: full initial relief for limited years then reduced deduction thereafter.
The amendment inserts a provision granting undertakings engaged in the integrated business of handling, storage and transportation of food grains a full deduction of profits and gains for an initial five assessment years and thereafter a reduced deduction (higher for companies), so that the total deduction period does not exceed ten consecutive assessment years, provided the undertaking begins such business on or after 1 April 2001; it also defines the initial assessment year as the assessment year relevant to the previous year in which the undertaking begins such business.
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