TMI BlogInsertion of new section 32AC.X X X X Extracts X X X X X X X X Extracts X X X X ..... ngaged in the business of manufacture or production of any article or thing, acquires and installs new asset after the 31st day of March, 2013 but before the 1st day of April, 2015 and the aggregate amount of actual cost of such new assets exceeds one hundred crore rupees, then, there shall be allowed a deduction, (a) for the assessment year commencing on the 1st day of April, 2014, of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount of deduction allowed under sub-section (1) in respect of such new asset shall be deemed to be the income of the assessee chargeable under the head Profits and gains of business or profession of the previous year in which such new asset is sold or otherwise transferred, in addition to taxability of gains, arising on account of transfer of such new asset. (3) Where the new asset is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) any office appliances including computers or computer software; (iv) any vehicle; or (v) any plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head Profits and gains of business or profession of any previous year. . - - statute, statutory p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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