(4)[ The amount credited to the reserve account under clause (b) of sub-section (1), shall be utilised by the assessee before the expiry of a period of five years next following the previous year in which the amount was credited for the following purposes, namely:-(a)construction of new hotels approved by the prescribed authority in this behalf or expansion of facilities in existing hotels already so approved;(b)purchase of new cars and new coaches by tour operators already so approved or by travel agents;(c)purchase of sports' equipment for mountaineering, trekking, golf, river-rafting and other sports in or on water;(d)construction of conference or convention centres;(e)provision of such new facilities for the growth of Indian tourism as the Central Government may, by notification in the Official Gazette, specify in this behalf;](f)[ subscription to equity shares forming part of any eligible issue of capital made by a public company:] [ Inserted by Act 27 of 1999, Section 47 (w.e.f. 1.4.2000).][Provided that where any of the activities referred to in ] [Inserted by Act 3 of 1989, Section 16 (w.e.f. 1.4.1989).][clauses (a) to (f)] [ Substituted by Act 27 of 1999, Section 47, for " clauses (a) to (e)" (w.e.f. 1.4.2000).][would result in creation of any asset owned by the assessee outside India, such asset should be created only after obtaining prior approval of the prescribed authority.
