India - Income Tax Act 2010 - Saarc

1.225 CH. IV - COMPUTATION OF BUSINESS INCOME S. 35CThe following sub-clauses (iv) to (vi) shall be inserted after subclause(iii) of clause (c) of sub-section (8) of section 35AD by theFinance Act, 2010, w.e.f. 1-4-2011 :(iv) building and operating, anywhere in India, a new hotel of two-staror above category as classified by the Central Government;(v) building and operating, anywhere in India, a new hospital with atleast one hundred beds for patients;(vi) developing and building a housing project under a scheme forslum redevelopment or rehabilitation framed by the CentralGovernment or a State Government, as the case may be, andnotified by the Board in this behalf in accordance with theguidelines as may be prescribed;(d) any machinery or plant which was used outside India by any personother than the assessee shall not be regarded as machinery or plantpreviously used for any purpose, if—(i) such machinery or plant was not, at any time prior to the date ofthe installation by the assessee, used in India;(ii) such machinery or plant is imported into India from any countryoutside India; and(iii) no deduction on account of depreciation in respect of suchmachinery or plant has been allowed or is allowable under theprovisions of this Act in computing the total income of any personfor any period prior to the date of installation of the machinery orplant by the assessee;(e) where in the case of a specified business, any machinery or plant orany part thereof previously used for any purpose is transferred to thespecified business and the total value of the machinery or plant or partso transferred does not exceed twenty per cent of the total value of themachinery or plant used in such business, then, for the purposes ofclause (ii) of sub-section (2), the condition specified therein shall bedeemed to have been complied with;(f) any expenditure of capital nature shall not include any expenditureincurred on the acquisition of any land or goodwill or financialinstrument.]Export markets development allowance.35B.47[Omitted by the Direct Tax Laws (Amendment) Act, 1987, as amendedby the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Originalsection 35B was inserted by the Finance Act, 1968, w.e.f. 1-4-1968.]Agricultural development allowance.35C. 48 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, as amended bythe Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Original section35C was inserted by the Finance Act, 1968, w.e.f. 1-4-1968.]47. Prior to its omission, section 35B was amended by the Finance Act, 1973, w.r.e.f. 1-4-1968,Direct Taxes (Amendment) Act, 1974, w.r.e.f. 1-4-1973, Finance Act, 1978, w.e.f. 1-4-1978,Finance Act, 1979, w.e.f. 1-4-1980, Finance (No. 2) Act, 1980, w.e.f. 1-4-1981 and FinanceAct, 1983, w.e.f. 1-4-1983.48. Prior to its omission, section 35C was amended by the Taxation Laws (Amendment)Act, 1975, w.e.f. 1-4-1976, Finance Act, 1983, w.e.f. 1-4-1984 and Finance Act, 1984, w.e.f.1-4-1984.