Amendment of section 80JJAA

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..... assessee, being an Indian company, includes any profits and gains derived from the manufacture of goods in a factory, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to thirty percent. of additional wages paid to the new regular workmen employed by the assessee in such factory, in the previous year, for three assessment years includin .....

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..... t, 1948(63 of 1948). . - Clause 18 of the Bill seeks to amend section 80JJAA of the Income-tax Act relating to deduction in respect of employment of new workmen. The existing provisions contained in sub-section (1) of section 80JJAA provide for a deduction of an amount equal to thirty per cent. of additional wages paid to the new regular workmen employed in any previous year by an India .....

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..... -section (2) of the aforesaid section, inter alia, provides that no deduction under sub-section (1) shall be available, if the industrial undertaking is formed by splitting up or reconstruction of an existing undertaking or amalgamation with another industrial undertaking. It is proposed to amend sub-section (2) so as to provide that no deduction under sub-section (1) shall be allowed if th .....

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