India - Income Tax Act 2010 - Saarc

1.459 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-IAtion or any other body established or constituted under anyCentral or State Act;]2[(b) it has entered into an agreement with the Central Government ora State Government or a local authority or any other statutory bodyfor (i) developing or (ii) operating and maintaining or (iii)developing, operating and maintaining a new infrastructurefacility;](c) it has started or starts operating and maintaining the infrastructurefacility on or after the 1st day of April, 1995:Provided that where an infrastructure facility is transferred onor after the 1st day of April, 1999 by an enterprise whichdeveloped such infrastructure facility (hereafter referred to inthis section as the transferor enterprise) to another enterprise(hereafter in this section referred to as the transferee enterprise)for the purpose of operating and maintaining the infrastructurefacility on its behalf in accordance with the agreement with theCentral Government, State Government, local authority or statutorybody, the provisions of this section shall apply to the transfereeenterprise as if it were the enterprise to which this clauseapplies and the deduction from profits and gains would beavailable to such transferee enterprise for the unexpired periodduring which the transferor enterprise would have been entitledto the deduction, if the transfer had not taken place.3[Explanation.—For the purposes of this clause, “infrastructure facility”means—(a) a road including toll road, a bridge or a rail system;2. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, sub-clause(b) read as under :“(b) it has entered into an agreement with the Central Government or a State Governmentor a local authority or any other statutory body for (i) developing, (ii)maintaining and operating or (iii) developing, maintaining and operating a newinfrastructure facility subject to the condition that such infrastructure facility shallbe transferred to the Central Government, State Government, local authority orsuch other statutory body, as the case may be, within the period stipulated in theagreement;”3. Substituted by the Finance Act, 2001, w.e.f. 1-4-2002. Prior to its substitution, Explanation,as amended by the Finance Act, 2000, w.e.f. 1-4-2001, read as under :‘Explanation.—For the purposes of this clause, “infrastructure facility” means,—(a) a road, bridge, airport, port, inland waterways and inland ports, rail system or anyother public facility of a similar nature as may be notified by the Board in this behalfin the Official Gazette;(b) a highway project including housing or other activities being an integral part of thehighway project; and(c) a water supply project, water treatment system, irrigation project, sanitation andsewerage system or solid waste management system;’See also Circular No. 7/2002, dated 26-8-2002. For details, see Taxmann’s Master Guideto Income-tax Act.