India - Income Tax Act 2010 - Saarc

1.167 CH. IV - COMPUTATION OF BUSINESS INCOME S. 3290[Provided also that where an asset being commercial vehicle isacquired by the assessee on or after the 1st day of October, 1998 butbefore the 1st day of April, 1999 and is put to use before the 1st dayof April, 1999 for the purposes of business or profession, the deductionin respect of such asset shall be allowed on such percentage onthe written down value thereof as may be prescribed.Explanation.—For the purposes of this proviso,—(a) the expression “commercial vehicle” means “heavy goods vehicle”,“heavy passenger motor vehicle”, “light motor vehicle”, “mediumgoods vehicle” and “medium passenger motor vehicle” but doesnot include “maxi-cab”, “motor-cab”, “tractor” and “road-roller”;(b) the expressions “heavy goods vehicle” 91 , “heavy passenger motorvehicle” 91 , “light motor vehicle” 91 , “medium goods vehicle” 91 ,“medium passenger motor vehicle” 91 , “maxi-cab” 91 , “motorcab”91 , “tractor” 91 and “road roller” shall have the meaningsrespectively as assigned to them in section 2 of the Motor VehiclesAct, 1988 (59 of 1988):]92[Provided also that, in respect of the previous year relevant to theassessment year commencing on the 1st day of April, 1991, thededuction in relation to any block of assets under this clause shall, inthe case of a company, be restricted to seventy-five per cent of theamount calculated at the percentage, on the written down value ofsuch assets, prescribed under this Act immediately before the commencementof the Taxation Laws (Amendment) Act, 1991:]90. Inserted by the Income-tax (Second Amendment) Act, 1998, w.e.f. 1-4-1999.91. Clauses (17), (21), (23), (24) and (44) of section 2 of the Motor Vehicles Act, 1988, define“heavy passenger motor vehicle”, “light motor vehicle”, “medium goods vehicle”, “mediumpassenger motor vehicle” and “tractor”, respectively, as follows :‘(17) “heavy passenger motor vehicle” means any public service vehicle or privateservice vehicle or educational institution bus or omnibus the gross vehicle weightof any of which, or a motor car the unladen weight of which, exceeds 12,000kilograms;** ** **(21) “light motor vehicle” means a transport vehicle or omnibus the gross vehicle weightof either of which or a motor car or tractor or road roller the unladen weight of anyof which, does not exceed 7,500 kilograms;** ** **(23) “medium goods vehicle” means any goods carriage other than a light motor vehicleor a heavy goods vehicle;(24) “medium passenger motor vehicle” means any public service vehicle or privateservice vehicle, or educational institution bus other than a motor cycle, invalidcarriage, light motor vehicle or heavy passenger motor vehicle;** ** **(44) “tractor” means a motor vehicle which is not itself constructed to carry any load(other than equipment used for the purpose of propulsion); but excludes a roadroller;’92. Inserted by the Taxation Laws (Amendment) Act, 1991, w.e.f. 15-1-1991.