9911796707
TMI BlogAmendment of section 32X X X X Extracts X X X X X X X X Extracts X X X X ..... ures "section 34 be allowed-" the following shall be substituted with effect from the 1st day of April, 1999, namely:- "In respect of depreciation of- (i) buildings, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature. Explanation 4.- For the purposes of this sub-section, the expression "know-how" means any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deficiency is actually written off in the books of the assessee. Explanation.- For the purposes of this clause,- (1) "moneys payable" in respect of any building, machinery, plant or furniture includes- (a) any insurance, salvage or compensation moneys payable in respect thereof; (b) where the building, machinery, plant or furniture is sold, the price for which it is sold. so, however, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation, of any asset by the amalgamating company to the amalgamated company where the amalgamated company is an Indian company;
(e) in the fourth proviso, after the words "referred to in", the words, brackets and figures "clause (xiii) and clause (xiv) of section 47 or" shall be inserted with effect from the 1st day of April, 1999. X X X X Extracts X X X X X X X X Extracts X X X X
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