(7)[ Where a deduction under sub-section (1) is claimed and allowed in respect of profits derived from the business of a hotel, such part of profits shall not qualify to that extent for deduction for any assessment year under any other provisions of this Chapter under the heading "C.-Deductions in respect of certain incomes", and shall in no case exceed the profits and gains of such hotel.] [ Inserted by Act 21 of 1998, Section 32 (w.e.f. 1.4.1999).][Explanation. - For the purposes of this section,-(a)"travel agent" means a travel agent or other person (not being an airline or a shipping company) who holds a valid licence granted by the Reserve Bank of India under section 32 of the Foreign Exchange Regulation Act, 1973 (46 of 1973);(b)"convertible foreign exchange" shall have the meaning assigned to it in clause (a) of the Explanation to section 80-HHC;(c)"services provided to foreign tourists" shall not include services by way of sale in any shop owned or managed by the person who carries on the business of a hotel or of a tour operator or of a travel agent;](d)[ "authorised dealer", "foreign exchange" and "Indian currency" shall have the meanings respectively assigned to them in clauses (b), (h) and (k) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973); ] [ Inserted by Act 49 of 1991, Section 29 (w.e.f. 1.4.1992).](e)[ "eligible issue of capital" means an issue made by a public company formed and registered in India and the entire proceeds of the issue is utilised wholly and exclusively for the purpose of carrying on the business of- [ Inserted by Act 27 of 1999, Section 47 (w.e.f. 1.4.2000).](i)setting up and running of new hotels approved by the prescribed authority; or(ii)providing such new facility for the growth of tourism in India, as the Central Government may, by notification in the Official Gazette, specify.]
