(1)Where the gross total income of an assessee includes any profits and gains derived from any business referred to in sub-sections [(3) to ] [ Substituted by Act 14 of 2001, Section 45, for " (3) to (11)" (w.e.f. 1.4.2002).][(11), (11-A) and (11-B)] [ Substituted by Act 23 of 2004, Section 18, for " (11) and (11-A)" (w.e.f. 1.4.2005).][Inserted by Act No. 28 of 2005, section 42, (w.e.f. 1-4-2017).] (such business being hereinafter referred to as the eligible business), 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 such percentage and for such number of assessment years as specified in this section.
