(1) Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains 4[ (reduced by the deduction, if any, admissible to the assessee under section 80HH] 5[ or section 80HHA)] of so much of the amount thereof as does not exceed the amount calculated at the rate of six per cent per annum on the capital employed in the industrial undertaking or ship or business of the hotel, as the case may be,[ computed in the manner specified in sub- section (1A)] in respect of the previous year relevant to the assessment year (the amount calculated as aforesaid being hereafter, in this section, referred to as the relevant amount of capital employed during the previous year): 1[ Provided that in relation to the profits and gains derived by an assessee, being a company, from an industrial undertaking which begins to manufacture or produce articles or to operate its cold storage plant or plants after the 31st day of March, 1976 , or from a ship which is first brought into use after that date, or from the business of a hotel which starts functioning after that date, the provisions of this sub- section shall have effect as if for the words" six per cent", the words" seven and a half per cent" had been substituted.]