Special provision in respect of specified business.

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....to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains derived from such business for three consecutive assessment years. (2) The deduction specified in sub-section (1) may, at the option of the assessee, be claimed by him for any three consecutive assessment years out of 2[6[te....

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.... person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if all the following conditions are fulfilled, namely:- (a) such machinery or plant was not, at any time previous to the date of the installation by the assessee, used in India; (b) such machinery or plant is imported into India; (c) no deduction on account of depreciation in respect ....

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....tart-ups for the purpose of allowing deductions under sub-section (1). Explanation.-For the purposes of this section,- 3[(i) "eligible business" means a business carried out by an eligible start-up engaged in innovation, development or improvement of products or processes or services or a scalable business model with a high potential of employment generation or wealth creation;] (ii) "eligibl....

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....nbsp;   **************** NOTES:- 1. Inserted vide Section 42 of the Finance Act, 2016 w.e.f. 01-04-2017 2. Substituted vide Section 36 of the Finance Act, 2017 w.e.f. 01-04-2018 before it was read as, "five years" 3. Substituted vide Section 28 of the Finance Act, 2018 w.e.f. 01-04-2018 before it was read as, "(i) "eligible business" means a business which in....