Insertion of new chapter VI-B

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.... 80VVA. Restriction on certain deductions in the case of companies. - (1) Notwithstanding anything contained in any other provision of this Act, where In The case of an assessee being a company, the amount or, as the case may be, the aggregate amount which, but for the provisions of this section, would have been admissible as deduction for any assessment year under any one or more of t....

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.... the extent to which the deduction under the said sub-section exceeds the sum paid by the assessee; (iv) sub-section (2B) of section 35, to the extent to which the deduction under the said sub-section exceeds the expenditure incurred by the assessee; (v) section 35C; (vi) section 35CC; (vii) section 35CCA; (viii) section 35CCB; (ix) clause (ii)....

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....ion 80K; (xxv) section 80M; (xxvi) section 80N; (xxvii) section 80-O; and (xxviii) section 80QQ. (3) The deduction under the provisions specified in sub-section (2) shall, for the purposes or restricting under sub-section (1), the amount or, as the case may be, the aggregate amount of deduction, under those provisions, be allowed in the order in which t....

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....ion shall next be allowed under the provision specified in clause (iii) of sub-section (2) and so on until the aggregate deduction so allowed is equal to seventy per cent. of the pre-incentive total income. (4) To the extent to which full deduction cannot be allowed in the assessment year in respect of any provision specified in sub-section (2), by virtue only of the restriction under sub....