India - Income Tax Act 2010 - Saarc

1.463 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-IAassessment year up to and including the assessment year for which the determinationis to be made.(6) Notwithstanding anything contained in sub-section (4), where housing orother activities are an integral part of the highway project and the profits ofwhich are computed on such basis and manner as may be prescribed 24 , suchprofit shall not be liable to tax where the profit has been transferred to a specialreserve account and the same is actually utilised for the highway projectexcluding housing and other activities before the expiry of three years followingthe year in which such amount was transferred to the reserve account; and theamount remaining unutilised shall be chargeable to tax as income of the year inwhich such transfer to reserve account took place.(7) 25 [The deduction] under sub-section (1) from profits and gains derivedfrom an 26 [undertaking] shall not be admissible unless the accounts of the26[undertaking] for the previous year relevant to the assessment year for whichthe deduction is claimed have been audited by an accountant, as defined in theExplanation below sub-section (2) of section 288, and the assessee furnishes,along with his return of income, the report of such audit in the prescribed form 27duly signed and verified by such accountant.(8) Where any goods 28 [or services] held for the purposes of the eligible businessare transferred to any other business carried on by the assessee, or where anygoods 28 [or services] held for the purposes of any other business carried on by theassessee are transferred to the eligible business and, in either case, the consideration,if any, for such transfer as recorded in the accounts of the eligible businessdoes not correspond to the market value of such goods 28 [or services] as on thedate of the transfer, then, for the purposes of the deduction under this section,the profits and gains of such eligible business shall be computed as if the transfer,in either case, had been made at the market value of such goods 28 [or services]as on that date :Provided that where, in the opinion of the Assessing Officer, the computation ofthe profits and gains of the eligible business in the manner hereinbefore specifiedpresents exceptional difficulties, the Assessing Officer may compute such profitsand gains on such reasonable basis as he may deem fit.29[Explanation.—For the purposes of this sub-section, “market value”, in relationto any goods or services, means the price that such goods or services wouldordinarily fetch in the open market.]24. See rule 18BBE and Form No. 10CCC.25. Substituted for “Where the assessee is a person other than a company or a co-operativesociety, the deduction” by the Finance Act, 2002, w.e.f. 1-4-2003.26. Substituted for “industrial undertaking” by the Finance Act, 2001, w.e.f. 1-4-2002.27. See rule 18BBB and Form No. 10CCB. Rule 12 provides that the return of income shallnot be accompanied by any document or copy of any account or form or report of auditrequired to be attached with return of income under any of the provisions of the Act.28. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.29. Substituted, ibid. Prior to its substitution, Explanation read as under :‘Explanation.—For the purposes of this sub-section, “market value”, in relation to anygoods, means the price that such goods would ordinarily fetch on sale in the open market.’