Rule – 18BBD, Prescribed authority for approval of companies carrying on scientific and industrial research and development
March 19, 2018
Rule – 18C, Eligibility of Industrial Parks for benefits under section 80-IA(4)(iii)
March 19, 2018

Rule – 18BBE, Computation of profits of certain activities forming integral part of a highway project for the purpose of section 80-IA

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.]


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