# The Finance Act, 1983, Section 25: Amendment of section 80-I

- Act: The Finance Act, 1983 (Act 11 of 1983)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1983/section/25/

## Text

Amendment of section 80-I. 25. In section 80-I of the Income-tax Act, with effect from the 1st day of April, 1984,— (a) in sub-section (1),— (i) in the opening portion, after the words "business of a hotel", the words "or the business of repairs to ocean-going vessels or other powered craft" shall be inserted; (ii) in the proviso, for the words "shall have effect", the words "shall have effect in relation to profits and gains derived from an industrial undertaking or a ship or the business of a hotel" shall be substituted; (b) after sub-section (4), the following sub-section shall be inserted, namely: — "(4A) This section applies to the business of repairs to ocean-going vessels or other powered craft which fulfils all the following conditions, namely: — (i) the business is not formed by the splitting up, or the re-construction, of a business already in existence; (ii) it is not formed by the transfer to a new business of machinery or plant previously used of 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."; (c) in sub-section (5),-— (i) in the opening portion, after the words "hotel starts functioning", the words "or the company commences work to way of repairs to ocean-going vessels or other powered craft" shall be inserted; (ii) after the proviso, the following proviso shall be inserted, namely: — 'Provided further that in the case of an assessee carrying on the business of repairs to ocean-going vessels or other powered craft, the provisions of this sub-section shall have effect as if for the words "seven assessment years", the words "four assessment years" had been substituted.'; (d) in sub-section (6), after the word "hotel", at both the places where it occurs, the words "or the business of repairs to oceangoing vessels or other powered craft" shall be inserted; (e) in sub-section (8), after the words "operation of the ship", wherever they occur, the words "or the business of repairs to oceangoing vessels or other powered craft" shall be inserted; (f) in sub-section (9), after the word "ship", wherever it occurs, the words "or the business of repairs to ocean-going vessels or other powered craft" shall be inserted. [Finance Act, 1983] © Copyright. Taxmann Publications Pvt. Ltd.

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