Amendment of section 35AD

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.... the following clauses shall be inserted, namely:--           "(ai) on or after the 1st day of April, 2014, where the specified business is in the nature of laying and operating a slurry pipeline for the transportation of iron ore;           (aj) on or after the 1st day of April, 2014, where the specified business is in the nature of setting up and operating a semi-conductor wafer fabrication manufacturing unit, and which is notified by the Board in accordance with such guidelines as may be prescribed; and";           (c) after sub-section (7), the following sub-sections shall be inserted, namely:--....

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.... in sub-section (8), in clause (c), after sub-clause (xi), the following sub-clauses shall be inserted, namely:--           "(xii) laying and operating a slurry pipeline for the transportation of iron ore;           (xiii) setting up and operating a semi-conductor wafer fabrication manufacturing unit notified by the Board in accordance with such guidelines as may be prescribed;". - Clause 12 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on specified business.           The existing provisions contained in section 35AD, inter alia, ....

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....bsp;     It is also proposed to insert a new sub-section (7A) in section 35AD so as to provide that any asset in respect of which a deduction is claimed and allowed under this section shall be used only for the specified business, for a period of eight years beginning with the previous year in which such asset is acquired or constructed.           It is also proposed to insert a new sub-section (7B) in the aforesaid section so as to provide that where any asset, in respect of which a deduction is claimed and allowed under this section is used for a purpose other than the specified business during the period specified in sub-section (7A) otherwise than by way of a mode refer....