TaxTMI 
TaxTMI 
Omitted
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....he population and the tourist importance of the place in which the hotel is located; and" 7. Substituted vide Section 10 of the Direct Taxes (Amendment) Act, 1974 w.e.f. 01-04-1974 before it was read as, "^4[(reduced by the deduction, if any, admissible to the assessee under section 80H)]" 8. Substituted vide Section 10 of the Direct Taxes (Amendment) Act, 1974 w.e.f. 01-04-1974 before it was read as, "section 80H" 9. Inserted vide Section 12 of the Finance Act, 1975 w.e.f. 01-04-1976 10. Omitted vide Section 12 of the Finance Act, 1975 w.e.f. 01-04-1976 before it was read as, "a building (not being a building taken on rent or lease)," 11. Substituted vide Section 12 of the Finance Act, 1975 w.e.f. 01-04-1975 before it was read as, "^2[twenty-eight years]" 12. Inserted vide Section 12 of the Finance Act, 1975 w.e.f. 01-04-1976 13. Substituted vide Section 12 of the Finance Act, 1975 w.e.f. 01-04-1975 before it was read as, "^3[twenty-eight years]" 14. Substituted vide Section 12 of the Finance Act, 197....
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....01-04-1979 23. Substituted vide Section 17 of the Finance (No. 2) Act, 1980 w.e.f. 01-04-1972 before it was read as, "computed in the prescribed manner" 24. Inserted vide Section 17 of the Finance (No. 2) Act, 1980 w.e.f. 01-04-1972 25. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax Officer" 26. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax Officer" 27. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax Officer" 28. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax Officer" 29. Omitted vide Section 54 of the Finance Act, 1988 w.e.f. 01-04-1988 before it was read as, "or section 280-O" 30. Omitted vide Section 29 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1989 before it was read as, "^1[Deduction in respect o....
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.... not entitled to depreciation, their actual cost to the assessee; (iii) in the case of assets acquired otherwise than by purchase and not entitled to depreciation, the value of the assets when they became assets of the business; (iv) in the case of assets, being debts due to the person carrying on the business, the nominal amount of those debts; (v) in the case of assets, being cash in hand or bank, the amount thereof. Explanation 1 : In this clause, "actual cost" has the same meaning as in clause (1) of section 43. Explanation 2 : In this clause and in clause (III), "computation period" means the period for which profits and gains of the industrial undertaking or business of the hotel are computed under sections 28 to 43A. Explanation 3 : In this clause and in clause (V), "written down value" has the same meaning as in clause (6) of section 43. Explanation 4 : Where the cost of any asset has been satisfied otherwise than in cash, the then value of the consideration actually given for the asset shall be treated as the actual cost of the asset. (III) From the aggregate of the amounts as ascertained under clause ....
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....uce articles or to operate its cold storage plant or plants or the ship is first brought into use or the business of the hotel starts functioning (such assessment year being hereinafter, in this section, referred to as the initial assessment year) and each of the four assessment years immediately succeeding the initial assessment year : Provided that in the case of an assessee, being a co-operative society, the provisions of this sub-section shall have effect as if for the words "four assessment years", the words "six assessment years" had been substituted. (3) Where the amount of the profits and gains derived from the industrial undertaking or ship or business of the hotel, as the case may be, included in the total income (as computed without applying the provisions of section 64 and before making any deduction under Chapter VIA ^29[****]) in respect of the previous year relevant to an assessment year commencing on or after the 1st day of April, 1967 (not being an assessment year prior to the initial assessment year or subsequent to the fourth assessment year as reckoned from the end of the initial assessment year) falls short of the relevant amount of capital em....
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....y time within the period of ^11[thirty-three years] next following the 1st day of April, 1948, or such further period as the Central Government may, by notification in the official Gazette, specify with reference to any particular industrial undertaking; (iv) in a case where the industrial undertaking manufactures or produces articles, the undertaking employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on without the aid of power : Provided that the condition in clause (i) shall not apply in respect of any industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section. ^12[Provided further that, where any building or any part thereof previously used for any purpose is transferred to the business of the industrial undertaking, the value of the building or part so transferred shall not be taken into account in computing the capital employed in....
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...., 1948. (6) This section applies to the business of any hotel, where all the following conditions are fulfilled, namely :- ^14[(a) the business of the hotel is not formed by the splitting up, or the reconstruction, of a business already in existence or by the transfer to a new business of a building previously used as a hotel or of any machinery or plant previously used for any purpose;] (b) the business of the hotel is owned and carried on by a company registered in India with a paid-up capital of not less than five hundred thousand rupees; (c) ^6[****] (d) the hotel is for the time being approved for the purposes of this sub-section by the Central Government. ^15[(e) the business of the hotel starts functioning on or after the 1st day of April, 1961, but before the 1st day of April, 1981;] ^16[Explanation : Where in the case of the business of a hotel, any building, or any part thereof, previously used as a hotel, or any machinery or plant, or any part thereof, previously used for any purpose, is transferred to a new business and the total value of the building, machinery or plant or part so transferred does not excee....