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        Clause 14 - Amendment of section 32AC.

        Finance Bill, 2016
        Chapter III
        DIRECT TAXES

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        Investment-linked deduction: installation timing governs when deduction is claimable; deduction allowed in year assets are installed. Amendment to section 32AC(1A) conditions the 15% deduction on new plant and machinery being installed on or before 31st March, 2017, inserts a proviso allowing deduction in the year of installation when installation occurs after acquisition, and redesignates the existing proviso; amendments are retrospective from 1st April, 2016 and apply to the relevant assessment year and subsequent years.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Investment-linked deduction: installation timing governs when deduction is claimable; deduction allowed in year assets are installed.

                                Amendment to section 32AC(1A) conditions the 15% deduction on new plant and machinery being installed on or before 31st March, 2017, inserts a proviso allowing deduction in the year of installation when installation occurs after acquisition, and redesignates the existing proviso; amendments are retrospective from 1st April, 2016 and apply to the relevant assessment year and subsequent years.


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