(8)The amount of deduction in the case of any company carrying on, scientific research and development shall be hundred per cent. of the profits and gains of such business for a period of five assessment years beginning from the initial assessment year if such company-(a)is registered in India;(b)has the main object of scientific and industrial research and development;(c)is for the time being approved by the prescribed authority at any time before the 1st day of April, 1999.
