Section 14 - Amendment of section 32AC. - Finance Act, 2016

Amendment of section 32AC. 14. In section 32AC of the Income-tax Act, in sub-section (1A),- (i) for the words acquired and installed during any previous year exceeds twenty-five crore rupees , the words, figures and letters acquired during any previous year exceeds twenty-five crore rupees and such assets are installed on or before the 31st day of March, 2017 shall be substituted; (ii) before the proviso, the following proviso shall be inserted, namely:- Provided that where the installation of the new assets are in a year other than the year of acquisition, the deduction under this sub-section shall be allowed in the year in which the new assets are installed. ; (iii) in the existing proviso, for the words Provided that , the words Provided further that shall be substituted.