18BBE. (1) For the purpose of sub-section 5[(6)] of section 80-IA, the profits of housing or other activities, which are integral part of a highway project, shall be computed on the basis and manner specified below :—
|(i)||in a case where the annual profits of the housing or other activities which are integral part of a highway project can be arrived at in accordance with the regular method of accounting followed, the profits so arrived at as computed under the provisions of the Act;|
|(ii)||in any other case, the amount of profits arrived at based on the percentage of completion of the activities referred to in clause (i) during the relevant previous year.|
(2) Every assessee shall maintain separate accounts for the activities referred to in sub-rule (1) and shall submit a certificate from an accountant, specifying the amount credited to the reserve account and the amount utilised during the relevant previous year for the highway project.
Explanation : For the purposes of this rule, “accountant” means,—
|(i)||a Chartered Accountant6 within the meaning of the Chartered Accountants Act, 1949 (38 of 1949); or|
|(ii)||any person who, in relation to any State, is, by virtue of the provisions in sub-section (2) of section 2267 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an auditor of companies registered in that State.|
(3) The certificate referred to in sub-rule (2) shall be in Form No. 10CCC.]