TMI BlogAmendment of section 32ACX X X X Extracts X X X X X X X X Extracts X X X X ..... f manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent. of the actual cost of such new assets for the assessment year relevant to that previous year: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat where an assessee, being a company, engaged 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and installs new asset and the amount of actual cost of the new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent. of the actual cost of such new assets for the assessment year relevant to that previous year. It is further proposed to insert a proviso so as to provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der 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. It is proposed to amend sub-section (2) of section 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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