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Special provision in respect of specified business.

Section 80IAC - Act - Part C. - Deductions in respect of certain incomes - Income Tax - Section 80IAC - 1[ 80-IAC. (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligible busin .....

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for three consecutive assessment years. (2) The deduction specified in sub-section (1) may, at the option of the assessee, be claimed by him for any three consecutive assessment years out of 2[ seven years ] beginning from the year in which the elig .....

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not apply in respect of a start-up which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as referred to in section 33B, in the circumstances and within the period speci .....

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her than the assessee shall not be regarded as machinery or plant previously used for any purpose, if all the following conditions are fulfilled, namely:- (a) such machinery or plant was not, at any time previous to the date of the installation by th .....

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income of any person for any period prior to the date of the installation of the machinery or plant by the assessee. Explanation 2.-Where in the case of a start-up, any machinery or plant or any part thereof previously used for any purpose is transfe .....

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the condition specified therein shall be deemed to have been complied with. (4) The provisions of sub-section (5) and sub-sections (7) to (11) of section 80-IA shall apply to the start-ups for the purpose of allowing deductions under sub-section (1) .....

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) eligible start-up means a company or a limited liability partnership engaged in eligible business which fulfils the following conditions, namely:- (a) it is incorporated on or after the 1st day of April, 2016 but before the 1st day of April, 2019; .....

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