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of <h1>Finance Act 1977 amends Income-tax Act Section 32A, redefines industrial undertakings, and revises machinery deduction rules.</h1> The Finance (No. 2) Act, 1977, amends Section 32A of the Income-tax Act effective April 1, 1978. It revises sub-section (2) to redefine eligible industrial undertakings for tax deductions, excluding items in the Eleventh Schedule. New sub-sections (2A) and (2B) clarify that deductions won't be denied for machinery used in both eligible and non-eligible production. Sub-section (2B) offers a higher deduction rate for machinery installed between June 30, 1977, and April 1, 1982, using government-developed technology, given specific conditions are met. Sub-section (8A) allows the government to amend the Eleventh Schedule by notification.
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