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of <h1>Section 84: Tax Exemption for New Industrial Undertakings, Qualifying Hotels and Ships with Conditions and Time Limits</h1> Section 84 provided a targeted exemption: profits of newly established industrial undertakings, qualifying hotels and certain ships were tax-free to the extent they did not exceed six percent per annum of capital employed, subject to prescribed computation and conditions. Eligibility required new formation (not by splitting/reconstruction or significant transfer of previously used assets), commencement within specified transitional periods from 1-4-1948, minimum worker thresholds for manufacturing, and prescribed criteria for hotels and ships. Exemptions applied for limited assessment years (generally four, six for co-operatives), were computed per Chapter IV-D, and the government could withdraw the exemption for specified classes by notification.
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