Tax deduction for multiplex and convention centre profits with construction, non-reconstruction and audit conditions. The amendment grants a fifty per cent deduction of profits for five consecutive years to businesses building, owning and operating multiplex theatres and convention centres, subject to construction within a prescribed period, prohibition against deductions for undertakings formed by splitting up or reconstructing existing businesses or by transferring previously used buildings, machinery or plant, and the requirement that the assessee file a prescribed audit report signed by an accountant certifying the correctness of the deduction claim; municipal exclusions and definitions are prescribed for applicable facilities.
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 multiplex and convention centre profits with construction, non-reconstruction and audit conditions.
The amendment grants a fifty per cent deduction of profits for five consecutive years to businesses building, owning and operating multiplex theatres and convention centres, subject to construction within a prescribed period, prohibition against deductions for undertakings formed by splitting up or reconstructing existing businesses or by transferring previously used buildings, machinery or plant, and the requirement that the assessee file a prescribed audit report signed by an accountant certifying the correctness of the deduction claim; municipal exclusions and definitions are prescribed for applicable facilities.
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