(4)The amount of deduction in the case of an industrial undertaking in an industrially backward State specified in the Eighth Schedule shall be hundred per cent. of the profits and gains derived from such industrial undertaking for five assessment years beginning with the initial assessment year and thereafter twenty-five per cent. (or thirty per cent. where the assessee is a company) of the profits and gains derived from such industrial undertaking:Provided that the total period of deduction does not exceed ten consecutive assessment years (or twelve consecutive assessment years where the assessee is a co-operative society) subject to fulfilment of the condition that it begins to manufacture or produce articles or things or to operate its cold storage plant or plants during the period beginning on the 1st day of April, 1993 and ending on the [31st day of March, 2004] [ Substituted by Act 20 of 2002, Section 34, for 31st day of March, 2002"</p>w.e.f. 1.4.2003).]:Provided further that in the case of such industries in the North-Eastern Region, as may be notified by the Central Government, the amount of deduction shall be hundred per cent. of profits and gains for a period of ten assessment years, and the total period of deduction shall in such a case not exceed ten assessment years:[Provided also that no deduction under this sub-section shall be allowed for the assessment year beginning on the 1st day of April, 2004 or any subsequent year to any undertaking or enterprise referred to in sub-section (2) of section 80-IC:] [ Inserted by Act 32 of 2003, Section 39 (w.e.f. 1.4.2004).][Provided also that in the case of an industrial undertaking in the State of Jammu and Kashmir, the provisions of the first proviso shall have effect as if for the figures, letters and words "31st day of March, 2004", the figures, letters and words ] [Inserted by Act 23 of 2005, Section 18 (w.e.f. 1.4.2005).][31st day of March, 2012] [ Substituted by Act 22 of 2007, Section 28, for " 31st day of March, 2007" (w.e.f. 1.4.2008).][had been substituted:Provided also that no deduction under this sub-section shall be allowed to an industrial undertaking in the State of Jammu and Kashmir which is engaged in the manufacture or production of any article or thing specified in Part C of the Thirteenth Schedule. ] [Inserted by Act 23 of 2005, Section 18 (w.e.f. 1.4.2005).]
