Section 32 - Consequential amendments - Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986

32. Consequential amendments. The following amendments (being amendments of a consequential nature) shall be made in the Income-tax Act with effect from the 1st day of April, 1988, namely :- (a) in section 32A, in sub-section (2), in the Explanation, for clause (1), the following clause shall be substituted, namely: - (1) (a) new ship or new aircraft includes a ship or aircraft which before the date of acquisition by the assessee was used by any other person, if it was not at any time previous to the date of such acquisition owned by any person resident in India; (b) new machinery or plant includes machinery or plant which before its installation by the assessee was used outside India by any other person, if the following conditions are fulfilled, namely :- (i) such machinery or plant was not, at any time previous to the date of such installation by the assessee, used in India; (ii) such machinery or plant is imported into India from any country outside India; and (iii) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of the Indian Income-tax Act, 1922 (11 of 1922) or this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee. ; (b) in section 35,- (1) in sub-section (2),- (i) in clause (iv), for the words, brackets, figures and letters clauses (i), (ii), (iia), (iii) and (iv) of sub-section (1) or under sub-section (14) , the words, brackets and figures clause (ii) of sub-section (1) shall be substituted; (ii) in clause (v), for the words, brackets and figures clauses (i), (ii) and (iii) of sub-section (1) , the words, brackets and figures clause (ii) of sub-section (1) shall be substituted; (2) in sub-section (2B), in clause (c). for the words, brackets, figures and letters clauses (i). (ii), (iia) and (iii) of sub-section (1) or under sub-section (1A) , the words, brackets and figures clause (ii) of sub-section (1) shall be substituted; (c) in section 38, in sub-section (2), for the words, brackets, figures and letters clauses (i), (ii), (iia) and (iii) of sub-section (1) and sub-section (1A) , the words, brackets and figures clause (ii) of sub-section (1) shall be substituted; (d) in section 55, in sub-section (1),- (i) for the words and figures sections 48, 49 and 50 , the words and figures sections 48 and 49 shall be substituted; (ii) clause (a) shall be omitted; (e) in section 57, in clause (ii),- (i) the brackets, figure and letter , (1A) shall be omitted; (ii) for the words and figures sections 34 and 38 , the word and figures section 38 shall be substituted; (f) in section 59, sub-sections (2) and (3) and the Explanation occurring thereunder shall be omitted; (g) in section 155, in the Explanation below sub-section (4A), for the words, brackets and figures Explanation to clause (vi) of sub-section (1) of section 32 , the words, brackets, figures and letter Explanation below sub-section (2) of section 32A shall be substituted.