New Asset - Definition / Legal Terminology - Income Tax

For the purposes of section 54GB(6)(d) of the Income tax Act 1961,- New Asset means new plant and machinery but does not include- (i) any machinery or plant which, before its installation by the assessee, was used either within or outside India by any other person; (ii) any machinery or plant installed in any office premises or any residential accommodation, including accommodation in the nature of a guest-house; (iii) any office appliances including computers or computer software; (iv) any vehicle; or (v) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head Profits and gains of business or profession of any previous year: