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Amendment of Section 155

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..... an aircraft or any machinery or plant in any assessment year under section 32A and subsequently - (a) at any time before the expiry of eight years from the end of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed, the ship, aircraft, machinery or plant is sold or otherwise transferred by the assessee to any person other than Government, a local a .....

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..... ness of the undertaking; or (c) at any time before the expiry of the ten years referred to in clause (b), the assessee utilises the amount credited to the reserve account under sub-section (4) of section 32A - (i) for distribution by way of dividends or profits; or (ii) for remittance outside India as profits or for the creation of any asset outside India; or (iii) for any other purpose which is n .....

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..... e amount was utilised. Explanation : For the purposes of clause (b), new ship or new aircraft or new machinery or plant shall have the same meanings at in the Explanation to clause (vi) of sub-section (1) of section 32. . - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.c .....

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