# The Finance Act, 1996, Section 28: Amendment of section 80-IA

- Act: The Finance Act, 1996 (Act 33 of 1996)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1996/section/28/

## Text

Amendment of section 80-IA. 28. In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 1997,— (a) in sub-section (1), after the words "infrastructure facility", the words "or scientific and industrial research and development" shall be inserted; (b) after sub-section (4A), the following sub-section shall be inserted, namely:— "(4B) This section applies to any company registered in India carrying on scientific and industrial research and development which fulfills all the following conditions, namely:— (i) the company has the main object of scientific and industrial research and development; (ii) the company is for the time being approved by the prescribed authority at any time before the 1st day of April, 1998."; (c) in sub-section (5), after clause (ia), the following clause shall be inserted, narnely:— "(ib) in the case of a company referred to in sub-section (4B), hundred per cent. of the profits and gains derived from such business;"; (d) in-sub-section (6), after clause (iv), the following clause shall be inserted, namely:— "(v) five in the case of an assessee, being a company referred to in sub-section (4B), deriving profits and gains from scientific and industrial research and development."; (e) in sub-section (12),— (i) in clause (c), after sub-clause (2), the following sub-clause shall be inserted, namely:— "(3) in the case of a company carrying on scientific and industrial research and development, means the assessment year relevant to the previous year in which the company is approved by the prescribed authority for the purposes of sub-section (4B);"; (ii) for clause (ca), the following clause shall be substituted, namely:— '(ca) "infrastructure facility" means— (i) a road, highway, bridge, airport, port, rail system or any other public facility of a similar nature as may be notified by the Board in this behalf in the Official Gazette; (ii) a water supply project, irrigation project, sanitation and sewerage system;'. [Finance (No. 2) Act, 1996] © Copyright. Taxmann Publications Pvt. Ltd.

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