9911796707
TMI BlogAmendment of section 32AX X X X Extracts X X X X X X X X Extracts X X X X ..... or plant specified in sub-section (8B), this sub-section shall have effect as if for the words "twenty-five per cent.", the words "twenty per cent." had been substituted: Provided further that'; (ii) the following Explanation shall be added at the end, namely :- 'Explanation .- For the purposes of this sub-section, "actual cost" means the actual cost of the ship, aircraft, machinery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , after the words, figures and letters "the 31st day of May, 1983", the words, figures and letters "but before the 1st day of April, 1987" shall be inserted; (d) in sub-section (4), in clause (ii), in sub-clause (a), for the words "the proviso", the words "the second proviso" shall be substituted; (e) in sub-section (5), in clause (b), for the words "the proviso", the words "the second proviso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery or plant installed after the 31st day of March, 1987 but before the 1st day of April, 1988, if the assessee furnishes evidence to the satisfaction of the Assessing Officer that before the 12th day of June, 1986, he had purchased such machinery or plant or had entered into a contract for the purchase of such machinery or plant with the manufacturer or owner of, or a dealer in, such machinery or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of sub-section (3), where a deduction has been allowed to an assessee under sub-section (1) in any assessment year, no deduction shall be allowed to the assessee under section 32AB in the said assessment year (hereinafter referred to as the initial assessment year) and a block of further period of four years beginning with the assessment year immediately succeeding the initial assessment year.". ..... X X X X Extracts X X X X X X X X Extracts X X X X
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