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Report No. 12

85. Newly established industrial undertakings.-

(1). Save as otherwise hereinafter provided, income-tax shall not be payable by an assessee on so much of the profits or gains derived from any industrial undertaking to which this section applies as do not exceed six per cent. per annum on the capital employed in the undertaking, computed in accordance with such rules as may be made in this behalf by the Central Board of Revenue.

[Section 15C(1)]

(2) This section applies to any industrial undertaking which fulfils all the following conditions, namely:-

(i) it is not formed by the splitting up or the reconstruction of business already in existence;

(ii) it is not formed byii the transfer to a new business of building, machinery or plant used in a business which was being carried on before the 1st day of April, 1948;

(iii) it has begun or begins to manufacture or produce articles in any part of India at any time within a period of thirteen years from the 1st day of April, 1948, or such further period as the Central Government may, by notification in the Official Gazette, specify with reference to any particular industrial undertaking;

(iv) it employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on without the aid of power.

[Section 15C(2), main para.]

(3) The Central Government may, by notification in the Official Gazette, direct that the exemption conferred by this section shall not apply to any particular industrial undertaking.

[Section 15C(2), proviso]

(4) The profits or gains of an industrial undertaking to which this section applies shall be computed in accordance with the provisions of sections 28 to 43 [Section 10].

[Section 15C(3)]

(5) Nothing in this section shall affect the application of sections 113 to 120 [23A] in relation to the profits or gains of an industrial undertaking to which this section applies.

[Section 15C(5)]

(6) The provisions of this section shall apply to the assessment-

(i) for the assessment year if in the previous year for that assessment year the assessee begins to manufacture or produce articles, and

(ii) for the four assessment years immediately succeeding.

[Section 15C(6)]







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