Amendment of section 32.

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Full Text of the Document

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....se 7 of the Bill seeks to amend section 32 of the Income-tax Act relating to depreciation. The existing provisions contained in clause (iia) of sub-section (1) of the aforesaid section 32, a further sum equal to twenty per cent. of the actual cost of new machinery or plant (other than ships and aircraft) acquired and installed after the 31st day of March, 2005 by an assessee engaged in the busine....