Amendment of section 37

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....usiness of profession (computed in the manner aforesaid) at the rate of 1/8 per cent. so however, that the allowance shall in no case exceed Rs. 50,000."; (ii) the Explanation shall be numbered and shall be deemed to have been numbered with effect from the 1st day of April, 1976 as Explanation 1 and after Explanation 1 as so numbered, the following Explanation shall be inserted and shall....

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....sections shall be inserted with effect from the 1st day of April, 1984, namely :- '(3A) Notwithstanding anything contained in sub-section (1), where the expenditure or, as the case may be, the aggregate expenditure incurred by an assessee on any one or more of the items specified in sub-section (3B) exceeds one hundred thousand rupees, twenty per cent. of such excess shall not be allowed as ....

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....n one or more of the said activities; (c) expenditure on running and maintenance of aircraft and motor cars shall include, - (i) expenditure incurred on chartering any aircraft and expenditure on hire charges for engaging cars plied for hire; (ii) conveyance allowance paid to employees and, where the assessee is a company, conveyance allowance paid to its directors also. (3C) Nothing conta....

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....ect of expenditure incurred on running and maintenance of such aircraft; (ii) in the case of an assessee engaged in the business of running motor cars on hire, in respect of expenditure incurred in running and maintenance of such motor cars.'; (c) after sub-section (4) the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of Apri....