Deduction in respect of profits and gains from certain industrial undertakings
Deduction in respect of profits and gains from certain industrial undertakings.
141. In respect of any tax year, where—
| (a) | the gross total income of an assessee, includes any profits and gains derived from any business referred to in section 80-IB of the Income- tax Act, 1961 (43 of 1961); and | |
| (b) | such assessee is eligible to claim a deduction from the profits and gains derived from such business for such tax year under the provisions of the said section, as if the said Act had not been repealed, |
there shall be allowed, in computing the total income of the assessee, a deduction from the profits and gains derived from such business, subject to the conditions that—
| (i) | the amount of deduction is calculated as per the provisions of section 80-IB of the Income-tax Act, 1961 (43 of 1961); and | |
| (ii) | the deduction under this Act shall be allowed only for such tax years, as would have been allowed under section 80-IB of the Income-tax Act, 1961 (43 of 1961), as if the said Act had not been repealed. |