https://www.taxtmi.com/acts?id=49044 An assessee may elect to deduct the whole of capital expenditure incurred wholly and exclusively for a specified business in the tax year incurred; pre commencement capitalised expenditure is deductible in the year operations commence. The deduction is limited to newly set up businesses meeting ownership, approval, capacity sharing and prescribed conditions, and to businesses commencing on or after dates listed in the Table. Claiming this deduction excludes claims under section 144, Chapter VIII C or any other section for the same expenditure. Assets receiving the deduction must be used only for the specified business for eight years, with recapture rules if used otherwise, and specified exclusions and definitions govern eligibility. en-us Fri, 14 Feb 2025 16:26:58 +0530 Thu, 20 Feb 2025 11:47:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49044 An assessee may elect to deduct the whole of capital expenditure incurred wholly and exclusively for a specified business in the tax year incurred; pre commencement capitalised expenditure is deductible in the year operations commence. The deduction is limited to newly set up businesses meeting ownership, approval, capacity sharing and prescribed conditions, and to businesses commencing on or after dates listed in the Table. Claiming this deduction excludes claims under section 144, Chapter VIII C or any other section for the same expenditure. Assets receiving the deduction must be used only for the specified business for eight years, with recapture rules if used otherwise, and specified exclusions and definitions govern eligibility. Act-Rules Bills Fri, 14 Feb 2025 16:26:58 +0530 https://www.taxtmi.com/acts?id=49044