industrial undertakings

Notified scheme for purposes of section 80-IB(10) -Deductions – Profits and gains from industrial undertakings other than infrastructure development undertakings. Notification No. 67/2010, [F.No.178/37/2006-ITA-I], Dated 3-8-2010 Full Article

Those undertakings would qualify as `industrial undertakings' which are involved in `manufacturing activity'; the activity of construction can, by no stretch of imagination, be treated as manufacturing activity as it does not amount to manufacture or production of an article or a thing. Full Article

Press Note No. 6 (2009), dated 4-9-2009 1.0 FDI into SSIIMSE 1.1 A Small Scale industrial undertaking (SSI) was defined in terms of: (i) investment in fixed assets in plant and machinery and (ii) equity participation (both domestic and foreign) in the SSI, by other industrial undertakings prior to 2006.  Full Article

Profits and gains of a newly established undertaking, therefore, have got to be computed as per the provisions of section 29 to section 43A and if the assessee claims relief under Chapter VI-A of the Act, then it is not open to the assessee to disclaim depreciation allowance. This is because Chapter VI-A is an independent code by itself for computing these special types of deductions. In other words, one must first calculate the gross total income from which one must ded.. Full Article