India - Income Tax Act 2010 - Saarc

S. 80J I.T. ACT, 1961 1.486plant and machinery (before taking depreciation in any year), as onthe first day of the previous year in which the substantial expansionis undertaken;(iv) “eligible article or thing” means the article or thing other than thefollowing :—(a) goods falling under Chapter 24 of the First Schedule to theCentral Excise Tariff Act, 1985 (5 of 1986), which pertains totobacco and manufactured tobacco substitutes;(b) pan masala as covered under Chapter 21 of the First Schedule tothe Central Excise Tariff Act, 1985 (5 of 1986);(c) plastic carry bags of less than 20 microns as specified by theMinistry of Environment and Forests vide Notification No. S.O.705(E), dated the 2nd September, 1999 and S.O. 698(E), dated the17th June, 2003; and(d) goods falling under Chapter 27 of the First Schedule to theCentral Excise Tariff Act, 1985 (5 of 1986), produced by petroleumoil or gas refineries;(v) “eligible business” means the business of,—(a) hotel (not below two star category);(b) adventure and leisure sports including ropeways;(c) providing medical and health services in the nature of nursinghome with a minimum capacity of 25 beds;(d) running an old-age home;(e) operating vocational training institute for hotel management,catering and food craft, entrepreneurship development, nursingand para-medical, civil aviation related training, fashion designingand industrial training;(f) running information technology related training centre;(g) manufacturing of information technology hardware; and(h) bio-technology.]Deduction in respect of profits and gains from newly established industrialundertakings or ships or hotel business in certain cases.80J. 3[Omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1989.]3. Prior to its omission, section 80J was inserted in place of section 84 (which was omittedby the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968), and later amended by the Finance Act,1969, w.e.f. 1-4-1969, Finance Act, 1972, w.e.f. 1-4-1973, Finance Act, 1973, w.e.f. 1-4-1974,Direct Taxes (Amendment) Act, 1974, w.e.f. 1-4-1974, Finance Act, 1975, w.e.f. 1-4-1975/1-4-1976, Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976, Finance (No. 2) Act, 1977,w.e.f. 1-4-1978, Finance Act, 1979, w.e.f. 1-4-1979, Finance (No. 2) Act, 1980, w.r.e.f.1-4-1972, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988 and Finance Act, 1988,w.e.f. 1-4-1988.