(1)Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel [or the business of repairs to ocean-going vessels or other powered craft] [Inserted by Act 27 of 1999, Section 49 (w.e.f. 1.4.2000).][, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent. thereof:Provided that in the case of an assessee, being a company, the provisions of this sub-section ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).][shall have effect in relation to profits and gains derived from an industrial undertaking or a ship or the business of a hotel] [ Substituted by Act 11 of 1983, Section 25, for " shall have effect" (w.e.f. 1.4.1984).][, as if for the words "twenty per cent.", the words "twenty-five per cent." had been substituted.] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).][(1-A) Notwithstanding anything contained in sub-section (1), in relation to any profits and gains derived by an assessee from-(i)an industrial undertaking which begins to manufacture or produce articles or things or to operate its cold storage plant or plants; or(ii)a ship which is first brought into use; or(iii)the business of a hotel which starts functioning, on or after the 1st day of April, 1990, ][but before the 1st day of April, 1991] [ Inserted by Act 49 of 1991, Section 31 (w.e.f. 1.4.1991).][, there shall, in accordance with and subject to the provisions of this section, be allowed in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty-five per cent. thereof: [Inserted by Act 12 of 1990, Section 24 (w.e.f. 1.4.1990).]Provided that in the case of an assessee, being a company, the provisions of this sub-section shall have effect in relation to profits and gains derived from an industrial undertaking or a ship or the business of a hotel as if for the words "twenty-five per cent.", the words "thirty per cent." had been substituted.] [Inserted by Act 12 of 1990, Section 24 (w.e.f. 1.4.1990).]
