India - Income Tax Act 2010 - Saarc

1.235 CH. IV - COMPUTATION OF BUSINESS INCOME S. 36(2) is incurred have been audited by an accountant as defined in the Explanationbelow sub-section (2) of section 288, and the assessee furnishes, along withhis return of income for the first year in which the deduction under this sectionis claimed, the report of such audit in the prescribed form 84 duly signed andverified by such accountant and setting forth such particulars as may beprescribed.(7) Where the undertaking of an Indian company which is entitled to thededuction under sub-section (1) is transferred, before the expiry of the period often years specified in sub-section (1), to another Indian company in a scheme ofamalgamation—(i) no deduction shall be admissible under sub-section (1) in the case ofthe amalgamating company for the previous year in which theamalgamation takes place; and(ii) the provisions of this section shall, as far as may be, apply to theamalgamated company as they would have applied to the amalgamatingcompany if the amalgamation had not taken place.85[(7A) Where the undertaking of an Indian company which is entitled to thededuction under sub-section (1) is transferred, before the expiry of the period often years specified in sub-section (1), to another Indian company in a scheme ofdemerger,—(i) no deduction shall be admissible under sub-section (1) in the case ofthe demerged company for the previous year in which the demergertakes place; and(ii) the provisions of this section shall, as far as may be, apply to theresulting company as they would have applied to the demergedcompany, if the demerger had not taken place.](8) Where a deduction under this section is claimed and allowed for anyassessment year in respect of any expenditure specified in sub-section (2), theexpenditure in respect of which deduction is so allowed shall not qualify fordeduction under any other provision of this Act for the same or any otherassessment year.]Other deductions.8636. (1) The deductions provided for in the following clauses shall be allowedin respect of the matters dealt with therein, in computing the incomereferred to in section 28—84. See rule 6AB and Form No. 3AE for audit report to be filed by assessee other than companyor co-operative society under section 35E(6). Rule 12 provides that the return of incomeshall not be accompanied by any document or copy of any account or form or report ofaudit required to be attached with return of income under any of the provisions of the Act.85. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.86. See also Circular No. 4-P(LVIII-30), dated 25-11-1965, Circular No. 44(3)-IT/49, dated12-2-1949, Circular No. 110, dated 13-4-1973, Letter [F. No. 44/13/64-ITJ], dated 6-9-1964,Letter [F. No. 216/6/77-IT(A-II)], dated 7-6-1978, Circular No. 403, dated 5-12-1984,Circular No. 30(XLVII-18), dated 30-11-1964, Circular No. 14, dated 23-4-1969, Extractsfrom Minutes (Item 31) of Ninth Meeting of DTAC held on 5-11-1966, Circular No. 20, dated13-6-1969, Extracts of Instruction No. 370 [F. No. 205/15/71-IT(A-II)], dated13-1-1972 and Letter [F. No. 10/66/61-IT(A-I)], dated 16-1-1962. For details, see Taxmann’sMaster Guide to Income-tax Act.