https://www.taxtmi.com/acts?id=4312 A deduction is allowed from profits and gains of qualifying industrial undertakings, ships, hotels, and approved repair businesses that begin operations within specified periods and meet formation, ownership, capital and approval conditions; the deduction applies in the initial assessment year and prescribed succeeding years, is computed on the basis that the eligible source is the only income source, requires account audit for non company assessees, and permits market value adjustments and Assessing Officer determinations where transfers or related party arrangements distort profits. en-us Sat, 19 Jan 2008 22:45:54 +0530 Fri, 06 Jun 2025 14:14:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=4312 A deduction is allowed from profits and gains of qualifying industrial undertakings, ships, hotels, and approved repair businesses that begin operations within specified periods and meet formation, ownership, capital and approval conditions; the deduction applies in the initial assessment year and prescribed succeeding years, is computed on the basis that the eligible source is the only income source, requires account audit for non company assessees, and permits market value adjustments and Assessing Officer determinations where transfers or related party arrangements distort profits. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=4312