RAVITOSH KUMAR (Executive) (324 Points)
23 March 2013
Whether the benefit of deduction for capital expenditures will be available to a Ice Cream manufacturer for its Storage and Transportation facility under Clause (i) setting & operating cold chain facility of Section 35AD?
As the cold chain facility has been defined to include storage and transportation of (……………………dairy products) and processed food items under scientifically controlled conditions including refrigeration and other facilities necessary for preservation of such produce.
CA Deepak Rathore
(EXPERT)
(281 Points)
Replied 24 March 2013
Allowed
The following specified businesses commencing operations on or after 1.4.2012 shall be allowed a weighted deduction of 150% of the capital expenditure incurred under section 35AD(1A) of the Income-tax Act, namely:—
(i) setting up and operating a cold chain facility;
(ii) setting up and operating a warehousing facility for storage of agricultural produce;
(iii) building and operating, anywhere in India, a hospital with at least one hundred beds for patients;
(iv) developing and building a housing project under a scheme for affordable housing 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 guidelines as may be prescribed; and
(v) production of fertilizer in India.The following specified businesses commencing operations on or after 1.4.2012 shall be allowed a weighted deduction of 150% of the capital expenditure incurred under section 35AD(1A) of the Income-tax Act, namely:—
(i) setting up and operating a cold chain facility;
(ii) setting up and operating a warehousing facility for storage of agricultural produce;
(iii) building and operating, anywhere in India, a hospital with at least one hundred beds for patients;
(iv) developing and building a housing project under a scheme for affordable housing 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 guidelines as may be prescribed; and
(v) production of fertilizer in India.The following specified businesses commencing operations on or after 1.4.2012 shall be allowed a weighted deduction of 150% of the capital expenditure incurred under section 35AD(1A) of the Income-tax Act, namely:—
(i) setting up and operating a cold chain facility;
(ii) setting up and operating a warehousing facility for storage of agricultural produce;
(iii) building and operating, anywhere in India, a hospital with at least one hundred beds for patients;
(iv) developing and building a housing project under a scheme for affordable housing 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 guidelines as may be prescribed; and
(v) production of fertilizer in India.
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