Amendment of section 32

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....with the words and figures "section 34 be allowed-" the following shall be substituted with effect from the 1st day of April, 1999, namely:- "In respect of depreciation of- (i) buildings, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature,....

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....ock of assets" shall mean- (a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature. Explanation 4.- For the purposes of this sub-section, the expression "know-how" means any industrial information or techn....

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....with the amount of scrap value, if any, fall short of the written down value thereof; Provided that such deficiency is actually written off in the books of the assessee. Explanation.- For the purposes of this clause,- (1) "moneys payable" in respect of any building, machinery, plant or furniture includes- (a) any insurance, salvage or compensation moneys payable....