India - Income Tax Act 2010 - Saarc

S. 80-IA I.T. ACT, 1961 1.454(Contd. from p. 1.453)(i) twelve in the case of an assessee, being a co-operative society, deriving profits andgains from an industrial undertaking;(ii) ten in the case of an assessee, not being a co-operative society, deriving profits andgains from an industrial undertaking specified in sub-clause (a) or sub-clause (b) orsub-clause (d) of clause (iv) of sub-section (2) or located in an industrially backwarddistrict of Category A specified in sub-clause (c) of clause (iv) of that sub-section;(iia) eight in the case of an assessee deriving profits and gains from an industrialundertaking located in an industrially backward district of Category B specified insub-clause (c) of clause (iv) of sub-section (2) and such an undertaking is notcovered under clauses (i) and (ii) of this sub-section;(iii) ten in the case of any other assessee deriving profits and gains, from a ship or thebusiness of a hotel;(iv) any ten consecutive assessment years falling within a period of twelve assessmentyears beginning with the assessment year in which an assessee begins operating andmaintaining infrastructure facility :Provided that where the assessee begins operating and maintaining any infrastructurefacility referred to in sub-clause (ii) of clause (ca) of sub-section (12), theprovisions of this clause shall have effect as if for the word “twelve”, the word“twenty” had been substituted;(v) five in the case of an assessee, being a company referred to in sub-section (4B),deriving profits and gains from scientific and industrial research and development;(vi) ten in the case of an assessee, being an undertaking referred to in sub-section (4C),deriving profits and gains from telecommunication services whether basic orcellular including radio-paging and domestic satellite service;(vii) ten in the case of an assessee, being an undertaking referred to in sub-section (4D),deriving profits and gains from operating an industrial park;(viii) seven in the case of an assessee being an undertaking referred to in sub-section (4E)deriving profits and gains from commercial production or refining of mineral oil inthe North-Eastern Region and other parts of the country on or after the 1st day ofApril, 1997.(7) Notwithstanding anything contained in any other provision of this Act, the profits andgains of an eligible business to which the provisions of sub-section (1) apply shall, for thepurposes of determining the quantum of deduction under sub-section (5) for theassessment year immediately succeeding the initial assessment year or any subsequentassessment year, be computed as if such eligible business were the only source of incomeof the assessee during the previous year relevant to the initial assessment year and to everysubsequent assessment year up to and including the assessment year for which thedetermination is to be made.(7A) Notwithstanding anything contained in sub-section (4A), where housing or otheractivities are an integral part of the highway project and the profits of which are computedon such basis and manner as may be prescribed, such profit shall not be liable to tax wherethe profit has been transferred to a special reserve account and the same is actuallyutilised for the highway project excluding housing and other activities before the expiryof three years following the year in which such amount was transferred to the reserveaccount; and the amount remaining unutilised shall be chargeable to tax as income of theyear in which transfer to reserve account took place.(8) Where the assessee is a person other than a company or a co-operative society, thededuction under sub-section (1) from profits and gains derived from an industrialundertaking shall not be admissible unless the accounts of the industrial undertaking forthe previous year relevant to the assessment year for which the deduction is claimed havebeen audited by an accountant, as defined in the Explanation below sub-section (2) ofsection 288, and the assessee furnishes, along with his return of income, the report of suchaudit in the prescribed form duly signed and verified by such accountant.(Contd. on p. 1.455)