Income Tax Act, 2025
Section 2: Ins. by Act 32 of 2003, s. 8, (w.r.e.f. 12001).
2. Ins. by Act 32 of 2003, s. 8, (w.r.e.f. 12001).
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(ii) no loss referred to in sub-section (1) of section 72 or sub-section (1) or sub-section (3)
of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward
or set-off where such loss relates to any of the relevant assessment years 1[ending before the 1st day
of April, 2001;]
(iii) no deduction shall be allowed under section 80HH or section 80HHA or
section 80-I or section 80IA or section 80-IB in relation to the profits and gains of the undertaking;
and
(iv) in computing the depreciation allowance under section 32, the written down value of any
asset used for the purposes of the business of the undertaking shall be computed as if the assessee had
claimed and been actually allowed the deduction in respect of depreciation for each of the relevant
assessment year.
(7) The provisions of sub-section (8) and sub-section (10) of section 80-IA shall, so far as may be,
apply in relation to the undertaking referred to in this section as they apply for the purposes of the
undertaking referred to in section 80-IA.
2[(7A) Where any undertaking of an Indian company which is entitled to the deduction under this
section is transferred, before the expiry of the period specified in this section, to another Indian company
in a scheme of amalgamation or demerger—
(a) no deduction shall be admissible under this section to the amalgamating or the demerged
company for the previous year in which the amalgamation or the demerger takes place; and
(b) the provisions of this section shall, as far as may be, apply to the amalgamated or resulting
company as they would have applied to the amalgamating or the demerged company if the
amalgamation or the demerger had not taken place.]
(8) Notwithstanding anything contained in the foregoing provisions of this section, where the
assessee, before the due date for furnishing the return of income under sub-section (1) of section 139,
furnishes to the Assessing Officer a declaration in writing that the provisions of this section may not be
made applicable to him, the provisions of this section shall not apply to him for any of the relevant
assessment year.
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Explanation 2.—For the purposes of this section,—
(i) “computer software” means—
(a) any computer programme recorded on any disc, tape, perforated media or other
information storage device; or
(b) any customized electronic data or any product or service of similar nature as may be
notified by the Board,
which is transmitted or exported from India to any place outside India by any means;
no loss referred to in sub-section
of section 72 or sub-section
or sub-section
of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward
or set-off where such loss relates to any of the relevant assessment years 1[ending before the 1st day
of April, 2001;]
no deduction shall be allowed under section 80HH or section 80HHA or
section 80-I or section 80IA or section 80-IB in relation to the profits and gains of the undertaking;
and
in computing the depreciation allowance under section 32, the written down value of any
asset used for the purposes of the business of the undertaking shall be computed as if the assessee had
claimed and been actually allowed the deduction in respect of depreciation for each of the relevant
assessment year.
The provisions of sub-section
and sub-section
of section 80-IA shall, so far as may be,
apply in relation to the undertaking referred to in this section as they apply for the purposes of the
undertaking referred to in section 80-IA.
2[
Where any undertaking of an Indian company which is entitled to the deduction under this
section is transferred, before the expiry of the period specified in this section, to another Indian company
in a scheme of amalgamation or demerger—
no deduction shall be admissible under this section to the amalgamating or the demerged
company for the previous year in which the amalgamation or the demerger takes place; and
the provisions of this section shall, as far as may be, apply to the amalgamated or resulting
company as they would have applied to the amalgamating or the demerged company if the
amalgamation or the demerger had not taken place.]
Notwithstanding anything contained in the foregoing provisions of this section, where the
assessee, before the due date for furnishing the return of income under sub-section
of section 139,
furnishes to the Assessing Officer a declaration in writing that the provisions of this section may not be
made applicable to him, the provisions of this section shall not apply to him for any of the relevant
assessment year.
3* * * * *
4* * * * *
5* * * * *
Explanation 2.—For the purposes of this section,—
“computer software” means—
any computer programme recorded on any disc, tape, perforated media or other
information storage device; or
any customized electronic data or any product or service of similar nature as may be
notified by the Board,
which is transmitted or exported from India to any place outside India by any means;