Part of: Section 80-IAB — Deductions in respect of profits and gains by an undertaking or enterprise engaged in
(2) The deduction specified in su b-section ( 1) may, at the option of the assessee, be claimed by him for any ten consecutive assessment years out of fifteen years beginning from the year in which a Special Economic Zone has been notified by the Central Government: Provided that where in c omputing the total income of any undertaking, being a Developer for any assessment year, its profits and gains had not been included by application of the provisions of sub-section ( 13) of sectopm 80 -IA, the undertaking being the Develo per shall be entitled to deduction referred to in this section only for the unexpired period of ten consecutive assessment years and thereafter it shall be eligible for deduction from income as provided in sub -section ( 1) or sub -section ( 2), as the case may be: Provided further that in a case where an undertaking, being a Developer who develops a Special Economic Zone on or after the 1st day of April, 2005 and transfers the operation and maintenance of such Special Economic Zone to another Developer (hereaf ter in this section referred to as the transferee Developer), the deduction under sub -section ( 1) shall be allowed to such transferee Developer for the remaining period in the ten consecutive assessment years as if the operation and maintenance were not so transferred to the transferee Developer.