Insertion of new section 80HHD

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.... (1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of a hotel, or of a tour operator, approved by the prescribed authority in this behalf or of a travel agent, 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 of a sum eq....

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....ase where the business carried on by the assessee consists exclusively of services provided to foreign tourists resulting in receipts in convertible foreign exchange, the profits of the business as computed under the head "Profits and gains of business or profession"; (b) in a case where the business carried on by the assessee does not consist exclusively of services provided to foreign t....

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....nd new coaches by tour operators already so approved or by travel agents; (c) purchase of sports equipment for mountaineering, trekking, golf, river-rafting and other sports in or on water; (d) construction of conference or convention centres; (e) provision of such new facilities for the growth of Indian tourism as the Central Government may, by notification in the Offic....

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....d to in clause (b), in the year immediately following the period of five years specified in sub-section (4), and shall be charged to tax accordingly. (6) The deduction under sub-section (1) shall not be admissible unless the assessee furnishes in the prescribed form, along with the return of income, the report of an accountant, as defined in the Explanation below sub-section (2) ....