TaxTMI 
TaxTMI 
Amendment of section 32
X X X X Extracts X X X X
X X X X Extracts X X X X
....res "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, being intangible assets acquired on or afte....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nery, 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 technique likely to assist in the manufacture or processing of goods or in the working of a mine, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 in respect thereof; (b) where the building, machinery, plant or furniture is sold, the price for which it is sold. so, however, th....