Section 80-1A(4A)--Whether applicable to the B.O.L.T. Scheme of Indian Railways for development of Railway system--Clarifications regarding

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....r-General of Income-tax. The Finance Act, 1995, has introduced sub-section (4A) in section 80-IA of the Income-tax Act, 1961, providing for a five year tax holiday and a deduction of 30 per cent. in the subsequent five years within a period of twelve assessment years beginning with the assessment year in which an enterprise (which may be owned by a company or a consortium of companies) begins ope....

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....e. Instead, the enterprise will lease the asset (only necessary and crucial components of a railway system) back to the Indian Railways for maintenance and operation and shall ultimately transfer it to the Indian Railways. 3. This is to clarify that, the said (B-O-L-T) scheme of the Indian Railways shall be eligible for the benefit of section 80-IA of the Income-tax Act, 1961, since it is not leg....