Section Text
In section 35AD of the Income-tax Act,--
(a) in sub-section (2), in clause (iii), in sub-clause (c), for the words "one-third of its total pipeline capacity", the words, brackets and figures "such proportion of its total pipeline capacity as specified by regulations made by the Petroleum and Natural Gas Regulatory Board established under sub-section (1) of section 3 of the Petroleum and Natural Gas Regulatory Board Act, 2006(19 of 2006)" shall be substituted;
(b) for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of April, 2011, namely:--
'(3) Where a deduction under this section is claimed and allowed in respect of the specified business for any assessment year, no deduction shall be allowed under the provisions of Chapter VI-A under the heading "C.--Deductions in respect of certain incomes" in relation to such specified business for the same or any other assessment year.';
(c) in sub-section (5), with effect from the 1st day of April, 2011,--
(i) in clause (a), the word "and", occurring at the end, shall be omitted;
(ii) after clause (a), the following clauses shall be inserted, namely:--
"(aa) on or after the 1st day of April, 2010, where the specified business is in the nature of building and operating a new hotel of two-star or above category as classified by the Central Government;
(ab) on or after the 1st day of April, 2010, where the specified business is in the nature of building and operating a new hospital with at least one hundred beds for patients;
(ac) on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and which is notified by the Board in this hebalf in accordance with guidelines as may be prescribed; and";
(iii) in clause (b), for the word, brackets and letter "clause (a)", the words, brackets and letters "clause (a) and clause (aa), clause (ab) and clause (ac)" shall be substituted;
(d) in sub-section (8), in clause (c), after sub-clause (iii), the following sub-clause shall be inserted with effect from the 1st day of April, 2011, namely:--
"(iv) building and operating, anywhere in India, a new hotel of two-star or above category as classified by the Central Government;
(v) building and operating, anywhere in India, a new hospital with at least one hundred beds for patients;
(vi) developing and building a housing project under a scheme for slum redevelopment or rehabilitation framed by the Central Government or a State Government, as the case may be, and notified by the Board in this behalf in accordance with the guildines as may be prescribed;".