Amendment of section 32AC

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....p;     "(1A) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent. of the actua....

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....ed. -   Clause 11 of the Bill seeks to amend section 32AC of the Income-tax Act relating to Investment in new plant or machinery.           The existing provisions contained in sub-section (1) of aforesaid section provide that where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, a....

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....uired and installed after the 31st March, 2013 but before the 1st April, 2015, as reduced by the amount of deduction allowed, if any, under clause (a).           It is proposed to insert a new sub-section (1A) in section 32AC so as to provide that where an assessee, being a company, engaged in the business of manufacture or production of any article ....

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....sub-section (1B) in the said section 32AC so as to provide that no deduction under sub- section (1A) shall be allowed for any assessment year commencing on or after the 1st day of April, 2018.           Sub-section (2) of the aforesaid section provides that if any new asset acquired and installed by the assessee is sold or otherwise transferred, exce....