TMI BlogTHE TWELVETH SCHEDULE - COMPUTATION OF PROFITS OF THE BUSINESS OF DEVELOPING A SPECIAL ECONOMIC ZONEX X X X Extracts X X X X X X X X Extracts X X X X ..... s income referred to in rule 1 shall be the aggregate of,- (a) the accruals or receipts derived by the assessee from the business; (b) the accruals or receipts derived by the assessee from the demolition, destruction, discarding or transferring of any business captial asset (other than land, goodwill or financial instrument) in respect of which deduction has been allowed, or allowable, under sub-rule 4 in any financial year; and (c) the amounts referred to in sub-section (2) of section 31. 4. The amount of business expenditure referred to in rule 1 shall be the aggregate of the amount of,- (a) operating expenditure referred to in section 33, incurred by the assessee; (b) permitted finance charges ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding depreciation) attributable to the business of developing a special economic zone shall be determined in the prescribed manner. 9. The successor in a business reorganisation of the business of developing a special economic zone shall be allowed a deduction in respect of the negative profit determined in the case of the predecessor for,- (a) the financial year immediately preceeding the financial year in which the business reorganisation has taken place if the reorganisation is on the first day of the financial year; and (b) the period beginning with the first day of the financial year and ending on the day immediately preceeding the date of business reorganisation, in any other case. 10. The deduction to the success ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plant by the assessee; (b) the condition specified in clasue (ii) of sub-rule 11 shall be deemed to have been complied with if the total value of the machinery or plant or any part thereof, previously used for any purpose and transferred to the business referred to in sub-rule 1, does not exceed twenty per cent of the total value of the machinery or plant used in the business; (c) the capital expenditure referred to in sub-rule 3 shall not include any expenditure incurred on the acquisition of any land, goodwill or financial instrument. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
