Section 8 - Amendment of section 32 - Taxation Laws (Amendment) Act, 1975

8. Amendment of section 32. In sub-section (1) of section 32 of the income-tax Act, for clause (i), the following clause shall be substituted, namely: (i) in the case of ships other than ships ordinarily plying on inland waters, such percentage on the actual cost thereof to the assessee as may, in any case or class of cases or in respect of any period or periods, be prescribed: Provided that different percentages may be prescribed for different periods having regard to the date of acquisition of the ship; .