Income-tax Act, 1961
Section - 80HH - Deduction in respect of profits and gains from newly estabÂlished industrial undertakings or hotel business in backward areas
Deduction in respect of profits and gains from newly established industrial undertakings or hotel business in backward areas.80HH. (1) Where the gross total income of an assessee includes any profits andgains derived from an industrial undertaking, or the business of a hotel, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent thereof.(2) This section applies to any industrial undertaking which fulfils all the following conditions, namely :-
| (i) | - | it has begun or begins to manufacture or produce articles after the 31st day of December, 1970 but before the 1st day of April, 1990, in any backward area; |
| (ii) | - | it is not formed by the splitting up, or the reconstruction, of a business already in existence in any backward area : |
| - | Provided that this condition shall not apply in respect of any industrial undertaking which is formed as a result of the re-establishment, reconstru .... To read the full section download the app from Google Play store
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