(8)Where any goods held for the purposes of the business of the industrial undertaking or the hotel or the operation of the ship ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).] [or the business of repairs to ocean-going vessels or other powered craft] [Inserted by Act 11 of 1983, Section 25 (w.e.f. 1.4.1984).][are transferred to any other business carried on by the assessee, or where any goods held for the purposes of any other business carried on by the assessee are transferred to the business of the industrial undertaking or the hotel or the operation of the ship ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).] [or the business of repairs to ocean-going vessels or other powered craft] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][and, in either case, the consideration, if any, for such transfer as recorded in the accounts of the business of the industrial undertaking or the hotel or the operation of the ship ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).] [or the business of repairs to ocean-going vessels or other powered craft] [Inserted by Act 11 of 1983, Section 25 (w.e.f. 1.4.1984).][does not correspond to the market value of such goods as on the date of the transfer, then, for the purposes of the deduction under this section, the profits and gains of the industrial undertaking ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).] [or the business of the hotel or the operation of the ship or the business of repairs to ocean-going vessels or other powered craft] [Inserted by Act 11 of 1983, Section 25 (w.e.f. 1.4.1984).][shall be computed as if the transfer, in either case, had been made at the market value of such goods as on that date:Provided that where, in the opinion of the ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).] [Assessing Officer] [Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][, the computation of the profits and gains of the industrial undertaking or the business of the hotel or the operation of the ship ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).][or the business of repairs to ocean-going vessels or other lowered craft] [Inserted by Act 11 of 1983, Section 25 (w.e.f. 1.4.1984).][in the manner hereinbefore specified presents exceptional difficulties, the ] [Inserted by Act 44 of 1980, Section 16 (w.e.f. 1.4.1981).] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][may compute such profits and gains on such reasonable basis as he may deem fit.Explanation. - In this sub-section, "market value", in relation to any goods, means the price that such goods would ordinarily fetch on sale in the open market.
