India - Income Tax Act 2010 - Saarc

1.451 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-IA(Contd. from p. 1.450)(b) such machinery or plant is imported into India from any country outside India; and(c) no deduction on account of depreciation in respect of such machinery or plant hasbeen allowed or is allowable under the provisions of this Act in computing the totalincome of any person for any period prior to the date of the installation of themachinery or plant by the assessee.Explanation 2.—Where in the case of an industrial undertaking, any machinery or plantor any part thereof previously used for any purpose is transferred to a new business andthe total value of the machinery or plant or part so transferred does not exceed twenty percent of the total value of the machinery or plant used in the business, then, for the purposesof clause (ii) of this sub-section, the condition specified therein shall be deemed to havebeen complied with.(3) This section applies to any ship, where all the following conditions are fulfilled,namely:—(i) it is owned by an Indian company and is wholly used for the purposes of the businesscarried on by it;(ii) it was not, previous to the date of its acquisition by the Indian company, owned orused in Indian territorial waters by a person resident in India; and(iii) it is brought into use by the Indian company at any time during the period beginningon the 1st day of April, 1991 and ending on the 31st day of March, 1995.(4) This section applies to the business of any hotel—(a) where conditions (i), (ii) and (v); and(b) either of the conditions (iii) or (iv); or(c) either of the conditions (iiia) or (iva),are fulfilled, namely :—(i) the business of the hotel is not formed by the splitting up, or the reconstruction, ofa business already in existence or by the transfer to a new business of a buildingpreviously used as a hotel or of any machinery or plant previously used for anypurpose;(ii) the business of the hotel is owned and carried on by a company registered in Indiawith a paid-up capital of not less than five hundred thousand rupees;(iii) the business of the hotel, located in a hilly area or a rural area or a place ofpilgrimage or such other place as the Central Government may having regard to theneed for development of infrastructure for tourism in any place and other relevantconsiderations specify for the purpose of this clause, starts functioning at any timeduring the period beginning on the 1st day of April, 1990 and ending on the 31st dayof March, 1994;(iiia) the business of the hotel, located in a hilly area or a rural area or a place ofpilgrimage or such other place as the Central Government may, having regard tothe need for development of infrastructure for tourism in any place and otherrelevant considerations, specify for the purpose of this clause, starts functioning atany time during the period beginning on the 1st day of April, 1997 and ending on the31st day of March, 2001 :Provided that nothing contained in this clause shall apply to any hotel located at aplace within the municipal jurisdiction (whether known as a municipality, municipalcorporation, notified area committee, town area committee or a cantonmentboard or by any other name) of Calcutta, Chennai, Delhi and Mumbai;(iv) the business of the hotel—(1) located in any place, or(2) located in a place other than a place referred to in clause (iii) of this subsection,starts functioning at any time during the period beginning on the 1st day of April,1991 and ending on the 31st day of March, 1995;(Contd. on p. 1.452)