TaxTMI 
TaxTMI 
Insertion of New section 80IA
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....tion, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to the percentage specified in sub-section (5) and for such number of assessment years as is specified in sub-section (6). (2) This section applies to any industrial undertaking which fulfils all the following conditions, namely:- (i) it is not formed by splitting up, or the reconstruction, of a business already in existence: Provided that this condition shall not apply in respect of an industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the....
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....regarded as machinery or plant previously used for any purpose, if 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 from any country outside India; and (c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee. Explanation 2.- Where in the case of an industrial undertaking, any machinery or plant or any part th....
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....less than five hundred thousand rupees; (iii) the business of the hotel, located in a hilly area or a rural area or a place of pilgrimage or such other place as the Central Government may having regard to the need for development of infrastructure for tourism in any place and other relevant considerations specify for the purpose of this clause, starts functioning at any time during the period beginning on the 1^st day of April, 1990 and ending on the 31st day of March, 1994; (iv) the business of the hotel- (1) located in any place, or (2) located in a place other than a place referred to in clause (i) of this sub-section, starts functioning at any time during the period beginning on the 1st day o....
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....-section (1) shall, including the initial assessment year, be- (i) twelve in the case of an assessee. being a co-operative society, deriving profits and gains from an industrial undertaking; (ii) ten in the case of any other assessee deriving profits and gains from an industrial undertaking; (iii) ten in the case of any other assessee deriving profits and gains, from a ship or the business of a hotel. (7) Notwithstanding anything contained in any other provision of this Act, the profits and gains of an eligible business to which the provisions of sub-section (1) apply shall, for the purposes of determining the quantum of deduction under sub-section (5) for the assessment year immediately succeeding the in....
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....ns of such eligible business shall be computed as if the transfer in either case, had been made at the market value of such goods as on that date: Provided that where, in the opinion of the Assessing Officer, the computation of the profits and gains of the eligible business in the manner hereinbefore specified presents exceptional difficulties, the Assessing Officer may compute such profits and gains on such reasonable basis as he may deem fit. Explanation. In this sub-section. "market value" in relation to any goods, means the price that such goods would ordinarily fetch on sale in the open market. (10) Where it appears to the Assessing Officer that, owing to the close connection between the assessee carrying on ....
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....mosque, gurudwara, church or other place of public worship of renown throughout any State or States is situated; (e) "rural area" means any area other than- (i) an area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the preceding census of which relevant figures have been published before the first day of the previous year; or (ii) an area within such distance not being more than fifteen kilometres from the local limits of any municipality or cantonment board referred to in sub-clause (i)....