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[Cites 0, Cited by 52] [Section 80IB(14)] [Section 80IB] [Entire Act]

Union of India - Subsection

Section 80IB(14)(c) in The Income Tax Act, 1961

(c)"initial assessment year"-
(i)in the case of an industrial undertaking or cold storage plant or ship or hotel, means 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 cold chain facility or the ship is first brought into use or the business of the hotel starts functioning;
(ii)in the case of a company carrying on scientific and industrial research and development, means the assessment year relevant to the previous year in which the company is approved by the prescribed authority for the purposes of sub-section (8);
(iii)in the case of an undertaking engaged in the business of commercial production or refining of mineral oil referred to in sub-section (9), means the assessment year relevant to the previous year in which the undertaking commences the commercial production or refining of mineral oil;
(iv)[ in the case of an undertaking engaged ] [Inserted by Act 14 of 2001, Section 45 (w.e.f. 1.4.2002).][in the business of processing, preservation and packaging of fruits or vegetables or] [Inserted by Act 23 of 2004, Section 18 (w.e.f. 1.4.2005).][in the integrated business of handling, storage and transportation of foodgrains, means the assessment year relevant to the previous year in which the undertaking begins such business; ] [Inserted by Act 14 of 2001, Section 45 (w.e.f. 1.4.2002).]
(v)[ in the case of multiplex theatre, means the assessment year relevant to the previous year in which a cinema hall, being a part of the said multiplex theatre, starts operating on a commercial basis; [Inserted by Act 20 of 2002, Section 34 (w.e.f. 1.4.2003).]
(vi)in the case of a convention centre, means the assessment year relevant to the previous year in which the convention centre starts operating on a commercial basis; ]
(vii)[ in the case of an undertaking engaged in operating and maintaining a hospital in a rural area, means the assessment year relevant to the previous year in which the undertaking begins to provide medical services; ] [ Inserted by Act 23 of 2004, Section 18 (w.e.f. 1.4.2005).]