Section 27
Section 27i of the principal Act is amended—
of Promotion of Investments (Amendment) Act 2014
(a)
in the shoulder note, by substituting for the words
“subsection 26i(1)” the words “subsections 26i(1), (1a)
and (1b)”;
(b)
in subsection (1)—
(i)
by substituting for the words “subsection 26i(1)”
the words “subsections 26i(1) and (1a)”; and
Promotion of Investments (Amendment)
(ii)
in paragraph (b) of the proviso, by substituting for the words “subsection 26i(1)” the words
“subsections 26i(1) and (1a)”;
(a)
where the Minister is satisfied that the company was engaged in an activity or in the production of a promoted product, or had otherwise incurred capital expenditure in relation thereto, from a date prior to the date from which the activity or product was deemed as a promoted activity or promoted product under section 4d in relation to renewable energy for own consumption, the approval may be granted retrospectively from a date not earlier than the date such activity or product is prescribed by the
Minister as a promoted activity or promoted product under section 4d; and
(b)
no approval shall be granted retrospectively under subsection (1a) or under the foregoing proviso from a date which is earlier than three years from the date the application under subsection 26i(1b) is received by the Minister.”; and
(c)
by inserting after subsection (1) the following subsection:
“(1a) The Minister may grant an approval in respect of an application for an investment tax allowance made under subsection 26i(1b) subject to such terms and conditions as he deems fit:
Provided that—
(d)
in subsection (2), by substituting for the words “subsection
(1)
” the words “subsections (1) and (1a)”.