Income Tax Act, 1961
Section 5: Ins. by Act 7 of 1998, s. 2 (w.e.f. 11998).
5. Ins. by Act 7 of 1998, s. 2 (w.e.f. 11998).
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(ii) 1[in the case of any block of assets, such percentage on the written down value thereof as may
be prescribed:]
2* * * * *
3[Provided 4*** that no deduction shall be allowed under this clause in respect of—
(a) any motor car manufactured outside India, where such motor car is acquired by the assessee
after the 28th day of February, 1975 5[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 another country; and
(b) any machinery or plant if the actual cost thereof is allowed as a deduction in one or more
years under an agreement entered into by the Central Government undersection 42:]
6[Provided further that where an asset referred to in clause (i) 7[or clause (ii) or clause (iia)] 8[or the
first proviso to clause (iia)], as the case may be, is acquired by the assessee during the previous year and
is put to use for the purposes of business or profession for a period of less than one hundred and eighty
days in that previous year, the deduction under this sub-section in respect of such asset shall be restricted
to fifty per cent. of the amount calculated at the percentage prescribed for an asset under clause (i)
7[or clause (ii) or clause (iia)], as the case may be:]
8[Provided also that where an asset referred to in clause (iia) or the first proviso to clause (iia), as the
case may be, is acquired by the assessee during the previous year and is put to use for the purposes of
business for a period of less than one hundred and eighty days in that previous year, and the deduction
under this sub-section in respect of such asset is restricted to fifty per cent. of the amount calculated at the
percentage prescribed for an asset under clause (iia) for that previous year, then, the deduction for the
balance fifty per cent. of the amount calculated at the percentage prescribed for such asset under
clause (iia) shall be allowed under this sub-section in the immediately succeeding previous year in respect
of such asset:]
9[Provided also that where an asset being commercial vehicle is acquired by the assessee on or after
the 1st day of October, 1998 but before the 1st day of April, 1999 and is put to use before the 1st day of
April, 1999 for the purposes of business or profession, the deduction in respect of such asset shall be
allowed on such percentage on the written down value thereof as may be prescribed.
1[in the case of any block of assets, such percentage on the written down value thereof as may
be prescribed:]
2* * * * *
3[Provided 4*** that no deduction shall be allowed under this clause in respect of—
any motor car manufactured outside India, where such motor car is acquired by the assessee
after the 28th day of February, 1975 5[but before the 1st day of April, 2001], unless it is used—
in a business of running it on hire for tourists; or
outside India in his business or profession in another country; and
any machinery or plant if the actual cost thereof is allowed as a deduction in one or more
years under an agreement entered into by the Central Government undersection 42:]
6[Provided further that where an asset referred to in clause
7[or clause
or clause
7[or clause
or clause
or the first proviso to clause
for that previous year, then, the deduction for the
balance fifty per cent. of the amount calculated at the percentage prescribed for such asset under
clause
shall be allowed under this sub-section in the immediately succeeding previous year in respect
of such asset:]
9[Provided also that where an asset being commercial vehicle is acquired by the assessee on or after
the 1st day of October, 1998 but before the 1st day of April, 1999 and is put to use before the 1st day of
April, 1999 for the purposes of business or profession, the deduction in respect of such asset shall be
allowed on such percentage on the written down value thereof as may be prescribed.