Tax exemption timing: assessee may elect consecutive assessment years to exclude profits within a fixed post commencement period. The substituted provision permits an assessee to specify an option under which the profits and gains of the undertaking are not included in total income for any five consecutive assessment years falling within a limited post commencement period beginning with the assessment year in which the undertaking begins manufacture or production; a proviso prevents those five years from extending beyond that period.
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 timing: assessee may elect consecutive assessment years to exclude profits within a fixed post commencement period.
The substituted provision permits an assessee to specify an option under which the profits and gains of the undertaking are not included in total income for any five consecutive assessment years falling within a limited post commencement period beginning with the assessment year in which the undertaking begins manufacture or production; a proviso prevents those five years from extending beyond that period.
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