TMI BlogAmendment of section 35ADX X X X Extracts X X X X X X X X Extracts X X X X ..... lurry pipeline for the transportation of iron ore; (aj) on or after the 1st day of April, 2014, where the specified business is in the nature of setting up and operating a semi-conductor wafer fabrication manufacturing unit, and which is notified by the Board in accordance with such guidelines as may be prescribed; and ; (c) after sub-section (7), the following sub-sections shall be inserted, namely: (7A) Any asset in respect of which a deduction is claimed and allowed under this section shall be used only for the specified business, for a period of eight years beginning with the previous year in which such asset is acquired or constructed. (7B) Where any asset, in respect of which a de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The existing provisions contained in section 35AD, inter alia, provide a deduction in respect of any expenditure of capital nature incurred, other than expenditure incurred on the acquisition of any land or goodwill or financial instrument, wholly and exclusively for the purposes of any specified business carried on by the assessee during the previous year in which such expenditure is incurred. The said section also provides that deduction under the provisions of Chapter VI-A under the heading C.--Deductions in respect of certain incomes shall not be available to any specified business which has claimed deduction under the said section. It is proposed to amend sub-section (3) of the aforesaid section so as to provide th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ous years, as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under said section 35AD 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. It is also proposed to insert a new sub-section (7C) in the aforesaid section so as to provide that 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, during the period specified in sub-section (7A). It is also proposed to amend ..... X X X X Extracts X X X X X X X X Extracts X X X X
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