(4)This section applies to the business of any hotel, where all the following conditions are fulfilled, namely:-(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 for the purposes of this sub-section by the Central Government;(iv)the business of the hotel starts functioning after the 31st day of March, 1981, but before the 1st day of April, ][1991] [ Substituted by Act 49 of 1991, Section 31, for " 1995" (w.e.f. 1.4.1991).].[(4-A) This section applies to the business of repairs to ocean-going vessels or other powered craft which fulfills all the following conditions, namely:-(i)the business is not formed by the splitting up, or the reconstruction, of a business already in existence;(ii)it is not formed by the transfer to a new business of machinery or plant previously used for any purpose;(iii)it is carried on by an Indian company and the work by way of repairs to ocean-going vessels or other powered craft has been commenced by such company after the 31st day of March, 1983, but before the 1st day of April, 1988; and(iv)it is for the time being approved for the purposes of this sub-section by the Central Government.]
