India - Income Tax Act 2010 - Saarc

1.461 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-IAreferred to as the transferee undertaking), the deduction under subsection(1) shall be allowed to such transferee undertaking for theremaining period in the ten consecutive assessment years as if theoperation and maintenance were not so transferred to the transfereeundertaking :13[Provided further that in the case of any undertaking which develops,develops and operates or maintains and operates an industrialpark, the provisions of this clause shall have effect as if for the figures,letters and words “31st day of March, 2006”, the figures, letters andwords “31st day of March, 14 [2011]” had been substituted;](iv) an 15 [undertaking] which,—(a) is set up in any part of India for the generation or generation anddistribution of power if it begins to generate power at any timeduring the period beginning on the 1st day of April, 1993 andending on the 31st day of March, 16 [2011];(b) starts transmission or distribution by laying a network of newtransmission or distribution lines at any time during the periodbeginning on the 1st day of April, 1999 and ending on the 31st dayof March, 16 [2011] :Provided that the deduction under this section to an 17 [undertaking]under sub-clause (b) shall be allowed only in relation to theprofits derived from laying of such network of new lines fortransmission or distribution;18[(c) undertakes substantial renovation and modernisation of theexisting network of transmission or distribution lines at any timeduring the period beginning on the 1st day of April, 2004 andending on the 31st day of March, 19 [2011].Explanation.—For the purposes of this sub-clause, “substantialrenovation and modernisation” means an increase in the plantand machinery in the network of transmission or distributionlines by at least fifty per cent of the book value of such plant andmachinery as on the 1st day of April, 2004;]20[(v) an undertaking owned by an Indian company and set up for reconstructionor revival of a power generating plant, if—(a) such Indian company is formed before the 30th day of November,2005 with majority equity participation by public sector compa-13. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.14. Substituted for “2009” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.15. Substituted for “industrial undertaking” by the Finance Act, 2001, w.e.f. 1-4-2002.16. Substituted for “2010” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009. Earlier “2010” wassubstituted for “2006” by the Finance Act, 2006, w.e.f. 1-4-2007 and “2006” was substitutedfor “2003” by the Finance Act, 2001, w.e.f. 1-4-2002.17. Substituted for “industrial undertaking” by the Finance Act, 2001, w.e.f. 1-4-2002.18. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005.19. Substituted for “2010” by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009. Earlier “2010” wassubstituted for “2006” by the Finance Act, 2006, w.e.f. 1-4-2007.20. Inserted by the Taxation Laws (Amendment) Act, 2005, w.e.f. 1-4-2006.