TaxTMI 
TaxTMI 
Deduction in respect of profits and gains from housing projects in certain cases
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.... in India includes any profits and gains derived from the execution of a housing project awarded to the assessee on the basis of global tender and such project is aided by the World Bank, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, 2[a deduction from such profits and gains of an amount equal to- (i) for....
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....here the assessee is a person other than an Indian company or a co-operative society, such accounts have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 and the assessee furnishes along with his return of income the report of such audit in the prescribed form duly signed and verified by such accountant; (ii) an amount equal to 3[such percenta....
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.... be limited to the amount so credited in pursuance of clause (ii). (3) If at any time before the expiry of five years from the end of the previous year in which the deduction under sub-section (1) is allowed, the assessee utilises the amount credited to the Housing Projects Reserve Account for distribution by way of dividends or profit or for any other purpose which is not a purpose of the busine....
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....ion for any assessment year under any other provision. Explanation.-For the purposes of this section,- (a) "housing project" means a project for- (i) the construction of any building, road, bridge or other structure in any part of India; (ii) the execution of such other work (of whatever nature) as may be prescribed; (b) "World Bank" means the International Bank for Reconstruction and Dev....