TMI BlogDeduction in respect of profits and gains from newly established small-scale industrial undertakings in certain areasX X X X Extracts X X X X X X X X Extracts X X X X ..... (2) This section applies to any small-scale industrial undertaking which fulfils all the following conditions, namely :- ( i ) it begins to manufacture or produce articles after the 30th day of September, 1977 2 [ but before the 1st day of April, 1990], in any rural area ; ( ii ) it is not formed by the splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of any small-scale industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section ; ( i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble unless the accounts of the small-scale industrial undertaking for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant as defined in the Explanation 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 duly signed and verified by such accountant. (5) The provisions of sub-sections (6) and (7) of section 80HH shall, so far as may be, apply in relation to the computation of the profits and gains of a small-scale industrial undertaking for the purposes of the deduction under this section as they apply in relation to the computation of the profits and gains of an industrial unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-clause ( i ), as the Central Government may, having regard to the stage of development of such area (including the extent of, and scope for, urbanisation of such area) and other relevant considerations specify in this behalf by notification in the Official Gazette; ] 7 [ ( b) an industrial undertaking shall be deemed to be a small-scale industrial undertaking which is, on the last day of the previous year, regarded as a small-scale industrial undertaking under section 11B of the Industries (Development and Regulation) Act, 1951 (65 of 1951) ]. ------------------------------------- Notes :- 1. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978. 2. Inserted by the Finance Act, 1990, w.e.f. 1-4- ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
