(5)[ The deduction specified in sub-section (1) shall be allowed in computing the total income in respect of the assessment year relevant to the previous year in which the industrial undertaking begins to manufacture or produce articles or things, or to operate its cold storage plant or plants or the ship is first brought into use or the business of the hotel starts functioning] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).] [or the company commences work by way of repairs to ocean-going vessels or other powered craft] [ Inserted by Act 11 of 1983, Section 23 (w.e.f. 1.4.1984).][(such assessment year being hereafter in this section referred to as the initial assessment year) and each of the seven assessment years immediately succeeding the initial assessment year:Provided that in the case of an assessee, being a co-operative society, the provisions of this sub-section shall have effect as if for the words "seven assessment years", the words "nine assessment years" had been substituted:] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).][Provided further that in the case of an assessee carrying on the business of repairs to ocean-going vessels or other powered craft, the provisions of this sub-section shall have effect as if for the words "seven assessment years", the words "four assessment years" had been substituted:] [Inserted by Act 11 of 1983, Section 23 (w.e.f. 1.4.1984).][Provided also that in the case of-(i)an industrial undertaking which begins to manufacture or produce articles or things or to operate its cold storage plant or plants; or(ii)a ship which is first brought into use; or(iii)the business of a hotel which starts functioning, on or after the 1st day of April, 1990 ][but before the 1st day of April, 1991] [ Inserted by Act 49 of 1991, Section 31 (w.e.f. 1.4.1991).][, provisions of this sub-section shall have effect as if for the words "seven assessment years", the words "nine assessment years" had been substituted: [Inserted by Act 12 of 1990, Section 24 (w.e.f. 1.4.1990).]Provided also that in the case of an assessee, being a co-operative society, deriving profits and gains from an industrial undertaking or a ship or a hotel referred to in the third proviso, the provisions of that proviso shall have effect as if for the words "nine assessment years", the words "eleven assessment years" had been substituted.] [Inserted by Act 12 of 1990, Section 24 (w.e.f. 1.4.1990).]
