Amendment of section 32

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Full Text of the Document

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.... actual cost thereof shall be allowed as a deduction in respect of the previous year in which such machinery or plant is first put to use by the assessee for the purposes of his business or profession;"; (b) in clause (iii), for clause (1) of the Explanation, the following clause shall be substituted, namely:- '(1) "moneys payable" in respect of any building, machinery, plan....