TMI BlogDeduction in respect of expenditure on specified business.X X X X Extracts X X X X X X X X Extracts X X X X ..... ady 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 sub-section (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, 2006 (19 of 2006) and notified by the Central Government in the Official Gazette in this behalf; (c) has made not less than 2 [such proportion of its total pipeline capacity as specified by regulations made 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, 2006 (19 of 2006)] available for use on common carrier basis by any person other than the assessee or an associated person; and (d) fulfils any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the case may be, and which is notified by the Board in this behalf in accordance with guidelines as may be prescribed; 8 [***]]. 9 [(ad) on or after the 1st day of April, 2011, where the specified business is in the nature of developing and building a housing project under a scheme for affordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed; (ae) on or after the 1st day of April, 2011, in a new plant or in a newly installed capacity in an existing plant for production of fertilizer; 15 [ ****] 16 [ ( af ) on or after the 1st day of April, 2012, where the specified business is in the nature of setting up and operating an inland container depot or a container freight station notified or approved under the Customs Act, 1962 (52 of 1962); ( ag ) on or after the 1st day of April, 2012, where the specified business is in the nature of bee-keeping and production of honey and beeswax; ( ah ) on or after the 1st day of April, 2012, where the specified business is in the nature of setting up and operating a warehousing facility fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which such asset is acquired or constructed. (7B) Where any asset, in respect of which a deduction is claimed and allowed under this section, is used for a purpose other than the specified business during the period specified in sub-section (7A), otherwise than by way of a mode referred to in clause (vii) of section 28, the total amount of deduction so claimed and allowed in one or more previous years, as reduced by the amount of depreciation allowable in accordance with the provisions of section 32, as if no deduction under this section was allowed, shall be deemed to be the income of the assessee chargeable under the head Profits and gains of business or profession of the previous year in which the asset is so used. (7C) Nothing contained in sub-section (7B) shall apply to a company which has become a sick industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985, [1 of 1986]during the period specified in sub-section (7A).] (8) For the purposes of this section,- (a) an associated person , in relation to the assessee, means a person,- (i) who participates, directly or indirectly, or through one or more ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fordable housing framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guidelines as may be prescribed; (viii) production of fertilizer in India.] 18 [ ( ix ) setting up and operating an inland container depot or a container freight station notified or approved under the Customs Act, 1962 (52 of 1962); ( x ) bee-keeping and production of honey and beeswax; ( xi ) setting up and operating a warehousing facility for storage of sugar; ] 23 [ (xii) laying and operating a slurry pipeline for the transportation of iron ore; (xiii) setting up and operating a semi-conductor wafer fabrication manufacturing unit notified by the Board in accordance with such guidelines as may be prescribed; ] 29 [ (xiv) developing or maintaining and operating or developing, maintaining and operating a new infrastructure facility. ] (d) any machinery or plant which 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 installat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , shall be omitted vide Finance Act, 2010 w. e. f. the 1st day of April, 2011. 5. In sub-section (5), after clause (a), the clause (aa), (ab), (ac) has been inserted, vide Finance Act, 2010 w. e. f. the 1st day of April, 2011. 6. in sub-section (5), in clause (b), for the word, brackets and letter clause (a) , the words, brackets and letters clause (a), clause (aa), clause (ab) and clause (ac) has been substituted vide Finance Act, 2010 w. e. f. the 1st day of April, 2011. Further Substituted vide Finance Act, 2012, w.e.f. 01-04-2013. Before it was read as:- clause (a), clause (aa), clause (ab), 10 [clause (ac), clause (ad) and clause (ae)] 7. In sub-section (8), in clause (c), after sub-clause (iii), the sub-clause (iv), (v), (vi) has been inserted vide Finance Act, 2010 w. e. f. the 1st day of April, 2011, 8. Omitted vide Finance Act, 2011 w.e.f. 1.4.2012, before omission it was read as, and . 9. Inserted vide Finance Act, 2011 w.e.f. 1.4.2012. 10. Substituted vide Finance Act, 2011 w.e.f. 1.4.2012, before it was read as, and clause (ac) 11. Substituted vide Finance Act, 2011 w.e.f. 1.4.2011, before it was read as, new hotel 12. Substituted vi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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