India - Income Tax Act 2010 - Saarc

1.473 CH. VIA - DEDUCTIONS IN RESPECT OF CERTAIN INCOMES S. 80-IB(iii) is engaged in refining of mineral oil and begins such refining on orafter the 1st day of October, 1998 60 [but not later than the 31st day ofMarch, 2012];61[(iv) is engaged in commercial production of natural gas in blocks licensedunder the VIII Round of bidding for award of exploration contracts(hereafter referred to as “NELP-VIII”) under the New ExplorationLicencing Policy announced by the Government of India vide ResolutionNo. O-19018/22/95-ONG.DO.VL, dated 10th February, 1999 andbegins commercial production of natural gas on or after the 1st day ofApril, 2009;(v) is engaged in commercial production of natural gas in blocks licensedunder the IV Round of bidding for award of exploration contracts forCoal Bed Methane blocks and begins commercial production of naturalgas on or after the 1st day of April, 2009.]Explanation.—For the purposes of claiming deduction under this sub-section, allblocks licensed under a single contract, which has been awarded under the NewExploration Licencing Policy announced by the Government of India videResolution No. O-19018/22/95-ONG.DO.VL, dated 10th February, 1999 or hasbeen awarded in pursuance of any law for the time being in force or has beenawarded by the Central or a State Government in any other manner, shall betreated as a single “undertaking”.]62[(10) 62a The amount of deduction in the case of an undertaking developing andbuilding housing projects approved before the 31st day of March, 63 [2008] by alocal authority shall be hundred per cent of the profits derived in the previousyear relevant to any assessment year from such housing project if,—(a) such undertaking has commenced or commences development andconstruction of the housing project on or after the 1st day of October,1998 and completes such construction,—(i) in a case where a housing project has been approved by the localauthority before the 1st day of April, 2004, on or before the 31stday of March, 2008;(ii) in a case where a housing project has been, or, is approved by thelocal authority on or after the 1st day of April, 2004 63a [but notlater than the 31st day of March, 2005], within four years from theend of the financial year in which the housing project is approvedby the local authority;63a[(iii) in a case where a housing project has been approved by the localauthority on or after the 1st day of April, 2005, within five yearsfrom the end of the financial year in which the housing project isapproved by the local authority.]60. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.61. Inserted, ibid., w.e.f. 1-4-2010.62. Substituted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. Prior to its substitution, subsection(10), as amended by the Finance Act, 2000, w.e.f. 1-4-2001 and Finance Act, 2003,w.r.e.f. 1-4-2002, read as under :“(10) The amount of profits in case of an undertaking developing and building housingprojects approved before the 31st day of March, 2005 by a local authority, shall be hundredper cent of the profits derived in any previous year relevant to any assessment year fromsuch housing project if,—(Contd. on p. 1.474)