Section 2 - Amendment of section 32 - Income Tax (Amendment) Act, 1998

2. Amendment of section 32 In section 32 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), in sub-section (1), with effect from the 1st day of April, 1998, (a) before clause (ii), the following clause shall be inserted, namely: (i) in the case of assets of an undertaking engaged in generation or generation and distribution of power, such percentage on the actual cost thereof to the assessee as may be prescribed; ; (b) for the second proviso, the following proviso shall be substituted, namely: Provided further that where an asset referred to in clause (i) or clause (ii), as the case may be, is acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that previous year, the deduction under this sub-section in respect of such asset shall be restricted to fifty per cent. of the amount calculated at the percentage prescribed for-an asset under clause (i) or clause (ii), as the case may be: