(1) The Government may, in such circumstances and subject to such conditions as may be prescribed, by notification whether prospectively or retrospectively, defer the payment, by any industrial unit in the pipeline, of the whole or any part of the tax payable in respect of any period.
Explanation.- For the purpose of this sub-section, the term ‘industrial unit in the pipeline’ means an industry which, is registered as an industrial unit with an industrial agency of the State or Central Government or has obtained allotment of land or purchased land for the factory or has applied for finance from a financial institution for its activities, as on the date to be specified by the Government in this behalf.
(2) The Government may, by general or special order, authorise the Territorial 1[Deputy] Commissioner to exercise such of their powers specified in sub-section (1).
(3) Notwithstanding anything contained in this Act, the deferred payment of tax under subsection (1), shall not attract interest under sub-section (3) of section 42, provided the conditions laid down for payment of the tax deferred are satisfied.