India - Income Tax Act 2010 - Saarc

S. 115JB I.T. ACT, 1961 1.572Explanation.—For the purposes of this clause,—(a) the loss shall not include depreciation;(b) the provisions of this clause shall not apply if the amount of lossbrought forward or unabsorbed depreciation is nil; or](iv) the amount of profits eligible for deduction under section 80HHC,computed under clause (a) or clause (b) or clause (c) of sub-section (3)or sub-section (3A), as the case may be, of that section, and subject tothe conditions specified in that section; or(v) the amount of profits eligible for deduction under section 80HHEcomputed under sub-section (3) or sub-section (3A), as the case maybe, of that section, and subject to the conditions specified in thatsection; or(vi) the amount of profits eligible for deduction under section 80HHFcomputed under sub-section (3) of that section, and subject to theconditions specified in that section; or(vii) the amount of profits of sick industrial company for the assessmentyear commencing on and from the assessment year relevant to theprevious year in which the said company has become a sick industrialcompany under sub-section (1) of section 17 4 of the Sick IndustrialCompanies (Special Provisions) Act, 1985 (1 of 1986) and ending withthe assessment year during which the entire net worth of suchcompany becomes equal to or exceeds the accumulated losses.Explanation.—For the purposes of this clause, “net worth” shall havethe meaning assigned to it in clause (ga) of sub-section (1) of section3 5 of the Sick Industrial Companies (Special Provisions) Act, 1985(1 of 1986); or6[(viii) the amount of deferred tax, if any such amount is credited to the profitand loss account.]6[Explanation 2.— For the purposes of clause (a) of Explanation 1, the amountof income-tax shall include—(i) any tax on distributed profits under section 115-O or on distributedincome under section 115R;(ii) any interest charged under this Act;(iii) surcharge, if any, as levied by the Central Acts from time to time;(iv) Education Cess on income-tax, if any, as levied by the Central Actsfrom time to time; and(v) Secondary and Higher Education Cess on income-tax, if any, as leviedby the Central Acts from time to time.]4. For text of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985, seeAppendix.5. Clause (ga) of section 3(1) of the Sick Industrial Companies (Special Provisions) Act, 1985,defines “net worth”. For text of section 3(1)(ga), see Appendix.6. Inserted by the Finance Act, 2008, w.r.e.f. 1-4-2001.