TMI BlogRepeals and savings.X X X X Extracts X X X X X X X X Extracts X X X X ..... otherwise than in pursuance of a notice under section 148 of the repealed Income-tax Act, by any person for the financial year ending on the 31st day of March, 2012, or any earlier year, the assessment of that person for that year shall be made in accordance with the procedure specified in this Code; (c) where a return of wealth is filed after the commencement of this Code, otherwise than in pursuance of a notice under section 17 of the repealed Wealth-tax Act, by any person for the financial year ending on the 31st day of March, 2012, or any earlier year, the assessment of that person for that year shall be made in accordance with the procedure specified in this Code; (d) any proceeding pending on the commencement of this Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case may be, the repealed Wealth-tax Act as if this Code had not been enacted; (g) any proceeding for the imposition of a penalty in respect of any assessment for the financial year ending on the 31st day of March, 2011, or any earlier year, which is completed on or after the 1st day of April, 2011, may be initiated and any such penalty may be imposed under this Code; (h) any election or declaration made, or option exercised, by an assessee under any provision of the repealed Income-tax Act or as the case may be, the repealed Wealth-tax Act and in force immediately before the commencement of this Code shall be deemed to have been an election or declaration made, or option exercised, under the corresponding provision of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n made under the corresponding provisions aforesaid and shall continue in force accordingly; (n) where the period prescribed for any application, appeal, reference or revision under the repealed Income-tax Act or as the case may be, the repealed Wealth-tax Act had expired on or before the commencement of this Code, nothing in this Code shall be construed as enabling any such application, appeal, reference or revision to be made under this Code by reason only of the fact that a longer period therefor is prescribed or provision is made for extension of time in suitable cases by the appropriate authority; (o) the deduction under section 80-IA, section 80-IB (other than sub-section (9), section 80-IC, section 80-ID, section 80-IE or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f profits eligible for deduction under the provisions of the aforesaid section are calculated in accordance with the provisions of this Code other than the provisions in clauses (d) and (e) of paragraph (4) of the Twelfth Schedule relating to capital expenditure; (ii) that the period for which the deduction is allowed under the provisions of the aforesaid section shall not include a period for which the deduction was otherwise not allowable under the repealed Income-tax Act; (iii) that the amount related to capital expenditure if any excluded in (i) above shall not be allowed as deduction under this Code in computing the gross total income; and (iv) that the assessee otherwise continues to satisfy the conditions a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gins to manufacture or produce articles or things or provide any service in the unit in the Special Economic Zone on or before the 31st day of March, 2014, subject to the conditions— (i) that the amount of profits eligible for deduction under the provisions of the aforesaid section are calculated in accordance with the provisions of this Code other than the provisions in clauses (d) and (e) of paragraph (4) of the Twelfth Schedule relating to capital expenditure; (ii) that the period for which the deduction is allowed under the provisions of the aforesaid section shall not include a period for which the deduction was otherwise not allowable under the repealed Income-tax Act; (iii) the amount related to capital exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of natural gas in blocks licensed under the IV Round of bidding for award of exploration contracts for Coal Bed Methane blocks and begins commercial production of natural gas on or after the 1st day of April, 2009, subject to the conditions— (i) that the amount of profits eligible for deduction under the provisions of the aforesaid section are calculated in accordance with the provisions of this Code other than the provisions in clauses (d) and (f) of paragraph 3 of the Eleventh Schedule relating to capital expenditure; (ii) that the period for which the deduction is allowed under the provisions of the aforesaid section shall not include a period for which the deduction was otherwise not allowable under the repealed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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