India - Income Tax Act 2010 - Saarc

S. 32 I.T. ACT, 1961 1.16680[(i) in the case of assets of an undertaking engaged in generation orgeneration and distribution of power, such percentage on the actualcost thereof to the assessee as may be prescribed 81 ;](ii) 82 [in the case of any block of assets, such percentage on the writtendown value thereof as may be prescribed 83 :]84[***]85[Provided 86 [***] that no deduction shall be allowed under thisclause in respect of—(a) any motor car manufactured outside India, where such motorcar is acquired by the assessee after the 28th day of February,1975 87 [but before the 1st day of April, 2001], unless it is used—(i) in a business of running it on hire for tourists ; or(ii) outside India in his business or profession in anothercountry ; and(b) any machinery or plant if the actual cost thereof is allowed as adeduction in one or more years under an agreement entered intoby the Central Government under section 42 :]88[Provided further that where an asset referred to in clause (i) orclause (ii) 89 [or clause (iia)], as the case may be, is acquired by theassessee during the previous year and is put to use for the purposesof business or profession for a period of less than one hundred andeighty days in that previous year, the deduction under this sub-sectionin respect of such asset shall be restricted to fifty per cent of theamount calculated at the percentage prescribed for an asset underclause (i) or clause (ii) 89 [or clause (iia)], as the case may be : ]80. Inserted by the Income-tax (Amendment) Act, 1998, w.e.f. 1-4-1998. Earlier, original clause(i) was substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976 and lateron omitted by the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986,w.e.f. 1-4-1988.81. See rule 5(1A) and Appendix IA.82. Substituted for “in the case of buildings, machinery, plant or furniture, other than shipscovered by clause (i), such percentage on the written down value thereof as may in anycase or class of cases be prescribed :” by the Taxation Laws (Amendment and MiscellaneousProvisions) Act, 1986, w.e.f. 1-4-1988.83. See rule 5(1) and Appendix I of Income-tax Rules.84. First proviso omitted by the Finance Act, 1995, w.e.f. 1-4-1996. Prior to its omission, firstproviso was inserted by the Finance Act, 1966, w.e.f. 1-4-1966 and later on amended by theFinance Act, 1983, w.e.f. 1-4-1984.85. Substituted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992. Prior to its substitution,second proviso was inserted by the Finance Act, 1975, w.e.f. 1-4-1975 and amended by theTaxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1988.86. Word “further” omitted by the Finance Act, 1995, w.e.f. 1-4-1996.87. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.88. Substituted by the Income-tax (Amendment) Act, 1998, w.e.f. 1-4-1998. Prior to itssubstitution, second proviso was inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-4-1992and later on amended by the Finance Act, 1995, w.e.f. 1-4-1996.89. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.