Section 7 - Amendment of Section 32 - Finance Act, 1976

7. Amendment of Section 32 In section 32 of the Income-tax Act, in sub-section (1), - (1) in clause (iv), for the words seven thousand five hundred rupees , the words ten thousand rupees shall be substituted with effect from the 1st day of April, 1977; (2) in clause (vi), - (a) for the words any one or more of the articles or things specified in the list in the Ninth Schedule , the words, figures and brackets any one or more of the articles or things specified in items 1 to 24 (both inclusive) in the list in the Ninth Schedule shall be substituted; (b) in the second proviso, - (i) in clause (a), the word and shall be omitted; (ii) in clause (b), the word and shall be inserted at the end; (iii) after clause (b), the following clause shall be inserted, namely :- (c) any ship or aircraft acquired after the 1st day of March, 1976, or any machinery or plant installed after that date. .