TMI BlogInsertion of new section 35AD.X X X X Extracts X X X X X X X X Extracts X X X X ..... set up by splitting up, or the reconstruction, of a business already in existence; (ii) it is not set up by the transfer to the specified business of machinery or plant previously used for any purpose; (iii) where the business is of the nature referred to in sub-clause (iii) of clause (c) of subsection (8), such business,— (a) is owned by a company formed and registered in India under the Companies Act, 1956 (1 of 1956) or by a consortium of such companies or by an authority or a board or a corporation established or constituted under any Central or State Act; (b) has been approved by the Petroleum and Natural Gas Regulatory Board established under sub-section (1) of section 3 of the Petroleum and Natural Gas Regulatory Board Act, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0, of an amount in respect of expenditure of capital nature incurred during any earlier previous year, if— (a) the business referred to in clause (a) of sub-section (5) has commenced its operation at any time during the period beginning on or after the 1st day of April, 2007 and ending on the 31st day of March, 2009; and (b) no deduction for such amount has been allowed or is allowable to the assessee in any earlier previous year. (7) The provisions contained in sub-section (6) of section 80A and the provisions of sub-sections (7) and (10) of section 80-IA shall, so far as may be, apply to this section in respect of goods or services or assets held for the purposes of the specified business. (8) For the purposes of this section,— ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if— (i) such machinery or plant was not, at any time prior to the date of the installation by the assessee, used in India; (ii) such machinery or plant is imported into India from any country outside India; and (iii) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee; (e) where in the case of a specified business, any machinery or plant or any part thereof previously ..... X X X X Extracts X X X X X X X X Extracts X X X X
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