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TMI BlogInsertion of new section 32AC - Investment in new plant or machineryX X X X Extracts X X X X X X X X Extracts X X X X ..... ommencing on the 1st day of April, 2014, of a sum equal to fifteen per cent. of the actual cost of new assets acquired and installed after the 31st day of March, 2013 but before the 1st day of April, 2014, if the aggregate amount of actual cost of such new assets exceeds one hundred crore rupees; and (b) for the assessment year commencing on the 1st day of April, 2015, of a sum equal to fifteen per cent. of the actual cost of new assets acquired and installed after the 31st day of March, 2013 but before the 1st day of April, 2015, as reduced by the amount of deduction allowed, if any, under clause (a). (2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in connection with the amalgamation or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... head Profits and gains of business or profession of any previous year. . - Clause 5 of the Bill seeks to insert a new section 32AC in the Income-tax Act to provide for deduction for investment in new plant or machinery. The proposed sub-section (1) of the aforesaid section seeks to provide that where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new asset after 31st day of March, 2013 but before 1st day of April, 2015 and the aggregate amount of actual cost of such new assets exceeds one hundred crore rupees, then, there shall be allowed a deduction,-- (a) for the assessment year commencing on 1st day of April, 2014, of a sum equal to fifteen per cent. of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be, as they would have applied to the amalgamating company or the demerged company. The proposed sub-section (4) of the aforesaid section provides that for the purposes of this section new asset means any new plant or machinery (other than ship or aircraft) but does not include-- (i) any plant or machinery which before its installation by the assessee was used either within or outside India by any other person; (ii) any plant or machinery 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 plant or machinery, the whole of the actual cost of which is allowed as deduction (w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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