Income-tax (Seventh Amendment) Rules, 2001 - S.O.389(E) - Income Tax

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO 120 New Delhi, the 4 th May, 2001 INCOME-TAX S.O.389(E). -In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962 , namely :- 1. (1) These rules may be called the Income-tax (Seventh Amendment) Rules, 2001 (2) They shall come into force on the 1 st day of April, 2002 2. In Appendix I to the Income-tax Rules, 1962 ,- (a) in the Table, in Part A relating to TANGIBLE ASSETS, under the heading III. MACHINERY AND PLANT , after sub-item (2B) and the figures occurring in column 2, the following sub-item and figures shall be inserted, namely :- (2C) Machinery and plant, used in weaving, processing and garment sector of textile industry, which is purchased under TUFS on or after the 1st day of April, 2001 but before the 1st day of April, 2004 and is put to use before the 1 st day of April, 2004 [See Note 3B below the table] 50 ; (b) after the Table, in the Notes, after Note 3 A, the following Note shall be inserted, namely :- 3B. TUFS means Technology Upgradation Fund Scheme announced by the Government of India in the form of a Resolution of the Ministry of Textiles vide No. 28/1/99-CTI of 31-3-1999. . [F No. 55/FB/2001-TPL] DEEPIKA MTTTAL, Under Secy.