India - Income Tax Act 2010 - Saarc

S. 80HHD I.T. ACT, 1961 1.436(5) Where any amount credited to the reserve account under clause (b) of subsection(1),—(a) has been utilised for any purpose other than those referred to in subsection(4), the amount so utilised; or(b) has not been utilised in the manner specified in sub-section (4), theamount not so utilised,shall be deemed to be the profits,—(i) in a case referred to in clause (a), in the year in which the amount wasso utilised; or(ii) in a case referred to in clause (b), in the year immediately followingthe period of five years specified in sub-section (4),and shall be charged to tax accordingly.21[(5A) Where any amount credited to the reserve account under clause (b) ofsub-section (1) has been utilised for subscription to any equity shares referred toin clause (f) of sub-section (4) and either whole or any part of such equity sharesare transferred or converted into money by the assessee at any time within aperiod of three years from the date of their acquisition, the aggregate amount soutilised in respect of such equity shares shall be deemed to be the profits of theprevious year in which the equity shares are transferred or converted into money.Explanation.—A person shall be treated as having acquired any shares on thedate on which his name is entered in relation to those shares in the register ofmembers of the public company.](6) The deduction under sub-section (1) shall not be admissible unless theassessee furnishes in the prescribed form 22 , along with the return of income, thereport of an accountant, as defined in the Explanation below sub-section (2) ofsection 288, certifying that the deduction has been correctly claimed on the basisof the 23 [ 24 [***] amount of convertible foreign exchange received by the assesseefor services provided by him to foreign tourists 25 [, payments made by him to anyassessee referred to in sub-section (2A)] and the payments received by him inIndian currency as referred to in the Explanation 26 [1] to sub-section (2).]27[(7) Where a deduction under sub-section (1) is claimed and allowed in respectof profits derived from the business of a hotel, such part of profits shall notqualify to that extent for deduction for any assessment year under any otherprovisions of this Chapter under the heading “C.—Deductions in respect of certainincomes”, and shall in no case exceed the profits and gains of such hotel.]21. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.22. See rule 18BBA(4) and Form No. 10CCAD for form of report of accountant.23. Substituted for “amount of convertible foreign exchange received by the assesseefor services provided by him to the foreign tourists” by the Finance (No. 2) Act, 1991, w.e.f.1-4-1992.24. Words “aggregate of the” omitted by the Finance Act, 1994, w.e.f. 1-4-1995.25. Inserted, ibid.26. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.27. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999.