India - Income Tax Act 2010 - Saarc

S. 32AB I.T. ACT, 1961 1.18246[Provided that where such assessee is a firm, or any association of persons orany body of individuals, the deduction under this section shall not be allowed inthe computation of the income of any partner, or as the case may be, any memberof such firm, association of persons or body of individuals:]47[Provided further that no such deduction shall be allowed in relation to theassessment year commencing on the 1st day of April, 1991, or any subsequentassessment year.](2) For the purposes of this section,—(i) 48 [***]49[(ii) “new ship” or “new aircraft” includes a ship or aircraft which beforethe date of acquisition by the assessee was used by any other person,if it was not at any time previous to the date of such acquisition ownedby any person resident in India;(iii) “new machinery or plant” includes machinery or plant which beforeits installation by the assessee was used outside India by any otherperson, if the following conditions are fulfilled, namely :—(a) such machinery or plant was not, at any time previous to the dateof such installation by the assessee, used in India;(b) such machinery or plant is imported into India from any countryoutside India; and(c) no deduction on account of depreciation in respect of suchmachinery or plant has been allowed or is allowable under thisAct in computing the total income of any person for any periodprior to the date of the installation of the machinery or plant bythe assessee;(iv) “Tea Board” means the Tea Board established under section 4 of theTea Act, 1953 (29 of 1953).](3) 50 [The profits of business or profession of an assessee for the purposes of subsection(1) shall] be an amount arrived at after deducting an amount equal to thedepreciation computed in accordance with the provisions of sub-section (1) ofsection 32 from the amounts of profits computed in accordance with therequirements of 51 Parts II and III of the 52 [Schedule VI] to the Companies Act,1956 (1 of 1956), 53 [as increased by the aggregate of—(i) the amount of depreciation;46. Inserted by the Finance Act, 1987, w.e.f. 1-4-1987.47. Inserted by the Finance Act, 1990, w.e.f. 1-4-1990.48. Omitted by the Finance Act, 1989, w.e.f. 1-4-1991.49. Substituted by the Finance Act, 1987, w.e.f. 1-4-1987.50. Substituted for the portion beginning with the words “The profits of eligible business orprofession” and ending with the words “eligible business or profession are maintained,” bythe Finance Act, 1989, w.e.f. 1-4-1991.51. For text of Parts II and III of Schedule VI to the Companies Act, 1956, see Appendix.52. Substituted for “Sixth Schedule” by the Finance Act, 1989, w.e.f. 1-4-1991.53. Substituted for “as increased by an amount equal to the depreciation, if any, debited in theaudited profit and loss account; and” by the Finance Act, 1987, w.e.f. 1-4-1987.