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Insertion of new section 80-IAC.

Section 42 - Acts - DIRECT TAXES - FINANCE ACT, 2016 - Section 42 - 42. After section 80-IAB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:- Special provision in respect of specifie .....

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in computing the total income of the assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains derived from such business for three consecutive assessment years. (2) The deduction specified in sub-section (1) may, at .....

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ditions, namely:- (i) it is not formed by splitting up, or the reconstruction, of a business already in existence: Provided that this condition shall not apply in respect of a start-up which is formed as a result of the re-establishment, reconstructi .....

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reviously used for any purpose. Explanation 1.- For the purposes of this clause, 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 .....

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count of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant b .....

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exceed twenty per cent. of the total value of the machinery or plant used in the business, then, for the purposes of clause (ii) of this sub-section, the condition specified therein shall be deemed to have been complied with. (4) The provisions of su .....

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es innovation, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property; (ii) eligible start-up means a company or a limited liability partnership engaged in eligible business w .....

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