Omitted

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....r gains derived from any industrial undertaking or hotel to which this section applies as do not exceed six per cent per annum on the capital employed in the undertaking or hotel, computed in the prescribed manner." 4.  Substituted vide Section 24 of the Finance (No. 2) Act 1967 w.e.f. 01-04-1962 before it was read as, "(iii) it has begun or begins to manufacture or produce articles in any part of India at any time within a period of ^2[twenty-three years] from the 1st day of April, 1948, or such further period as the Central Government may, by notification in the Official Gazette, specify with reference to any particular industrial undertaking;" 5.  Inserted vide Section 24 of the Finance ....

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....achinery or plant used in the business, then, for the purposes of clause (ii) of sub-section (2) and clause (a) of sub-section (3), the industrial undertaking or hotel to which the transfer has been made shall be deemed to have complied with the condition specified therein and the total value of the building, machinery or plant or part so transferred shall not be taken into account in computing the capital employed in the industrial undertaking or hotel." 9.  Inserted vide Section 24 of the Finance (No. 2) Act 1967 w.e.f. 01-04-1962 10.  Substituted vide Section 24 of the Finance (No. 2) Act 1967 w.e.f. 01-04-1962 before it was read as, "profits or gains of an industrial undertaking or hotel" ....

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.... already in existence; (ii) it is not formed by the transfer to a new business of a building, machinery or plant previously used for any purpose; ^4[(iii) it manufactures or produces articles or operates one or more cold storage plants, in any part of India, and has begun or begins to manufacture or produce articles or to operate such plant or plants, at any time within the period of twenty-three years next following the 1st day of April, 1948, or such further period as the Central Government may, by notification in the Official Gazette, specify with reference to any particular industrial undertaking;] (iv) ^5[in a case where the industrial undertaking manufactures or produces articles,] it employs ten or more wor....

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....f the place in which the hotel is located; and (d) the hotel is, for the time being, approved for the purposes of this sub-section, by the Central Government. Explanation : Where - (a) in the case of an industrial undertaking, any building, machinery or plant, or any part thereof, previously used for any purpose, or (b) in the case of the business of a hotel, any building, or any part thereof, previously used as a hotel, or any machinery or plant, or any part thereof, previously used for any purpose, is, in either case, transferred to a new business, and the total value of the building, machinery or plant or part so transferred does not exceed twenty per cent. of the total value of the building, ....