Section 4 - Amendment of section 10A - Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986

4. Amendment of section 10A. In section 10A of the Income-tax Act, with effect from the 1st day of April, 1987,- (a) for sub-section (3), the following sub-section shall be substituted, namely :- (3) The profits and gains referred to in sub-section (1) shall not be included in the total income of the assessee in respect of any five consecutive assessment years, falling within a period of eight years beginning with the assessment year relevant to the previous year in which the industrial undertaking begins to manufacture or produce articles or things, specified by the assessee at his option: Provided that nothing in this sub-section shall be construed to extend the aforesaid five assessment years to cover any period after the expiry of the said period of eight years. ; (b) in sub-section (7), the words for the initial assessment year shall be omitted; (c) in the Explanation occurring at the end, for clause (ii), the following clause shall be substituted, namely :- (ii) relevant assessment years means the five consecutive assessment years specified by the assessee at his option under sub-section (3).