Section 4 - Amendment of section 32 - Taxation Laws (Amendment) Act, 1991

4. 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), in clause (ii), after the second proviso and before Explanation 1, the following proviso shall be inserted, namely: Provided also that, in respect of the previous year relevant to the assessment year commencing on the 1st day of April, 1991, the deduction in relation to any block of assets under this clause shall, in the case of a company, be restricted to seventy-five per cent. of the amount calculated at the percentage, on the written down value of such assets, prescribed under this Act immediately before the commencement of the Taxation Laws (Amendment) Act, 1991. .