Amendment of section 32.

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Full Text of the Document

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....(b) in Explanation3, in clause (b), after the words "or commercial rights of similar nature", the words ", not being goodwill of a business or profession" shall be inserted. - Clause 7 of the Bill seeks to amend section 32 of the Income-tax Act relating to depreciation. Sub-section (1) of the said section provides for deduction on account of depreciation on tangible assets (building, machi....