Section 80(7)(c) in Finance Act, 1999

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Union of India - Subsection

Section 80(7)(c) in Finance Act, 1999

(c)the deduction under clause (a) or clause (b) shall be available only if-

(i)the business of the hotel is not formed by the splitting up, or the reconstruction, of a business already in existence or by the transfer to a new business of a building previously used as a hotel or of any machinery or plant previously used for any purpose;

(ii)the business of the hotel is owned and carried on by a company registered In India with a paid-up capital of not less than five hundred thousand rupees;

(iii)the hotel is for the time being approved by the prescribed authority:

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Union of India - Subsection

Section 80(7)(c) in Finance Act, 1999