NOTIFICATION

INCOME-TAX ACT

Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings - Notified scheme for purposes of section 80-IB(10)

NOTIFICATION NO. 67/2010 [F.NO. 178/37/2006-IT(A-I)]/SO 1898(E), DATED 3-8-2010

In exercise of the powers conferred by the proviso to clauses (a ) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies the Scheme contained in Regulation 33(10) of Development Control Regulation for Greater Mumbai, 1991 read with the provisions of notification No. TPB-4391/4080(A)/UD-11(RDP), dated 3rd June, 1992, as a scheme for the purposes of the said section subject to the following conditions,-

(i) slum development falling in Category VII mentioned in notification No. TPB-4391/4080(A)/UD-11(RDP), dated 3rd June, 1992 shall be excluded from the Scheme;

(ii) slum development falling within clause 7.7 of the Appendix IV of regulation 33(10) which provides for joint development of slum and non-slum areas shall be excluded from the Scheme; and

(iii ) any amendment in the Scheme hereby notified shall be required to be re-notified by the Board.

2. This notification shall come into force with effect from the date of its publication.