Amendment of section 80-IA.

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...." shall be substituted. - Clause 35 of the Bill seeks to amend section 80-IA of the Income-tax Act relating to deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. Sub-section (1) of the said section provides that where the gross total income of an assessee includes any profits and gains derived by an undertaking or ....

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....nd 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. It is proposed to amend the said sub-section (7) so as to provide that deduction under sub-section (1) from profits and gains derived from an undertaking shall not be admissible to the assessee unless the accounts of the undertaking for the previ....