Insertion of New Section 80HHA

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....ndertakings in certain areas. - (1) Where the gross total income of an assessee includes any profits and gains derived from a small-scale industrial undertaking to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty p....

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.... any purposes; (iv) it 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. Explanation : Where in the case of a small-scale industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and th....

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.... for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 and 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. (5) The provisions of sub-section (6) and (7) of sec....

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....eduction in relation to such profits and gains shall not be allowed under this section for the same or any other assessment year. (8) Nothing contained in this section shall apply in relation to any small-scale industrial undertaking engaged in mining. Explanation : For the purposes of this section, - (a) "rural area" shall have the same meaning as in clause (b) of the Explanation ....