India - Income Tax Act 2010 - Saarc

S. 80A I.T. ACT, 1961 1.380under the heading “C—Deductions in respect of certain incomes”, where, in thecase of an assessee, any amount of profits and gains of an undertaking or unit orenterprise or eligible business is claimed and allowed as a deduction under anyof those provisions for any assessment year, deduction in respect of, and to theextent of, such profits and gains shall not be allowed under any other provisionsof this Act for such assessment year and shall in no case exceed the profits andgains of such undertaking or unit or enterprise or eligible business, as the casemay be.(5) Where the assessee fails to make a claim in his return of income for anydeduction under section 10A or section 10AA or section 10B or section 10BA orunder any provision of this Chapter under the heading “C.—Deductions in respectof certain incomes”, no deduction shall be allowed to him thereunder.]92[(6) Notwithstanding anything to the contrary contained in section 10A orsection 10AA or section 10B or section 10BA or in any provisions of this Chapterunder the heading “C—Deductions in respect of certain incomes”, where anygoods or services held for the purposes of the undertaking or unit or enterpriseor eligible business are transferred to any other business carried on by theassessee or where any goods or services held for the purposes of any otherbusiness carried on by the assessee are transferred to the undertaking or unit orenterprise or eligible business and, the consideration, if any, for such transfer asrecorded in the accounts of the undertaking or unit or enterprise or eligiblebusiness does not correspond to the market value of such goods or services ason the date of the transfer, then, for the purposes of any deduction under thisChapter, the profits and gains of such undertaking or unit or enterprise or eligiblebusiness shall be computed as if the transfer, in either case, had been made at themarket value of such goods or services as on that date.Explanation.—For the purposes of this sub-section, the expression “marketvalue”,—(i) in relation to any goods or services sold or supplied, means the pricethat such goods or services would fetch if these were sold by theundertaking or unit or enterprise or eligible business in the openmarket, subject to statutory or regulatory restrictions, if any;(ii) in relation to any goods or services acquired, means the price thatsuch goods or services would cost if these were acquired by theundertaking or unit or enterprise or eligible business from the openmarket, subject to statutory or regulatory restrictions, if any.]The following sub-section (7) shall be inserted after sub-section (6) of section 80Aby the Finance Act, 2010, w.e.f. 1-4-2011 :(7) Where a deduction under any provision of this Chapter under the heading“C.—Deductions in respect of certain incomes” is claimed and allowed in respectof profits of any of the specified business referred to in clause (c) of sub-section(8) of section 35AD for any assessment year, no deduction shall be allowed underthe provisions of section 35AD in relation to such specified business for the sameor any other assessment year.92. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.