Insertion of new section 10BA

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....of certain articles or things. (1) Subject to the provisions of this section, a deduction of such profits and gains as are derived by an undertaking from the export out of India of eligible articles or things, shall be allowed from the total income of the assessee: Provided that where in computing the total income of the undertaking for any assessment year, deduction under sectio....

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....essee of the business of any such undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section; (c) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose. Explanation. The provisions of Explanation 1 and Explanation 2 to sub-section (2) of section 80-I shall apply for the purp....

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....sub-section, the expression "competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange. (4) For the purposes of sub-section (1), the profits derived from export out of India of the eligible articles or things shall be the amount which bears to the profits ....

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....t of its export profits. (7) The provisions of sub-section (8) and sub-section (10) of section, 80-IA shall, so far as may be, apply in relation to the undertaking referred to in this section as they apply for the purposes of the undertaking referred to in section 80-IA. Explanation. For the purposes of this section,― (a) "convertible foreign exchange" means foreig....