Amendment of section 32

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..... brackets, figures and letter "or clause (ii) or clause (iia)" shall be substituted; (ii) in Explanation 2 below the fifth proviso, for the words "For the purposes of this clause", the words "For the purposes of this sub-section" shall be substituted; (b) after clause (ii), the following shall be inserted, namely:- '(iia) in the case of any new machinery or plant (other than ships and aircraft), wh .....

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..... her that no deduction shall be allowed in respect of- (a) any machinery or plant which, before its installation by the assessee, was used either within or outside India by any other person; or (b) any machinery or plant installed in any office premises or any residential accommodation, including accommodation in the nature of a guest house; or (c) any office appliances or road transport vehicles; .....

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..... purposes of this clause,- (i) "new industrial undertaking" means an undertaking which is not formed,- (a) by the splitting up, or the reconstruction, of a business already in existence; or (b) by the transfer to a new business of machinery or plant previously used for any purpose; (2) "installed capacity" means the capacity of production as existing on the 31st day of March, 2002.'. - - statute .....

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