TMI BlogAmendment of section 80-IBX X X X Extracts X X X X X X X X Extracts X X X X ..... in any part of India and has begun or begins commercial production of mineral oil on or after the 1st day of April, 1997; (iii) is engaged in refining of mineral oil and begins such refining on or after the 1st day of October, 1998. Explanation.— For the purposes of claiming deduction under this sub-section, all blocks licensed under a single contract, which has been awarded under the New Exploration Licencing Policy announced by the Government of India vide Resolution No. O-19018/22/95-ONG.DO.VL, dated 10th February, 1999 or has been awarded in pursuance of any law for the time being in force or has been awarded by Central or a State Government in any other manner, shall be treated as a single "undertaking".'; (b) in sub-section ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in which such individual is the karta;"; (ii) the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2001, namely:— "Explanation.— For the removal of doubts, it is hereby declared that nothing contained in this sub-section shall apply to any undertaking which executes the housing project as a works contract awarded by any person (including the Central or State Government).". - Clause 37 of the Bill seeks to amend section 80-IB of the Incometax Act, which relates to deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings. Sub-section (9) of the said section provides for deduction in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 2000-2001 and subsequent years. It is further proposed to amend clause (iii) of the said sub-section (9) as so substituted to provide that the benefit of deduction under the said sub-section shall be available if the undertaking is engaged in refining of mineral oil and begins such refining on or after the 1 st day of October, 1998 but not later than the 31 st day of March, 2012. This amendment will take effect retrospectively from the 1st April, 2009. It is also proposed to further amend the said sub-section (9) as so substituted and further amended by inserting a new clause (iv) to provide that the benefit of deduction under the said sub-section shall be available if the undertaking is engaged in commercial production of na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ren of such individual or the Hindu undivided family in which such individual is the karta. This amendment will take effect from 1st April, 2010 and will, accordingly, apply in relation to the assessment year 2010-2011 and subsequent years. It is also proposed to insert an Explanation to the sub-section (10) of the said section which clarifies that nothing contained in the said sub-section shall apply to any undertaking which executes the housing project as a works contract awarded by any person (including Central or State Government). This amendment will take effect retrospectively from 1 st April, 2001 and will, accordingly, apply in relation to the assessment year 2001-2002 and subsequent years. - statute, statutory provisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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