Income Tax Act, 2025
Section 1: Subs. by Act 3 of 1989, s. 6, for “the proviso” (w.e.f. 11989).
1. Subs. by Act 3 of 1989, s. 6, for “the proviso” (w.e.f. 11989).
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(ii) all the liabilities of the firm relating to the business immediately before the succession
become the liabilities of the company; and
(iii) all the shareholders of the company were partners of the firm immediately before the
succession.
(8) The Central Government, if it considers necessary or expedient so to do, may, by
notification in the Official Gazette, direct that the deduction allowable under this section shall not
be allowed in respect of any ship or aircraft acquired or any machinery or plant installed after
such date 1*** as may be specified therein.
2[(8A) The Central Government, if it considers necessary or expedient so to do, may, by
notification in the Official Gazette, omit any article or thing from the list of articles or things
specified in the Eleventh Schedule.]
3[(8B) Notwithstanding anything contained in sub-section (8) or the notification of the
Government of India in the Ministry of Finance (Department of Revenue) No. GSR 870(E), dated
the 12th June, 1986, issued thereunder, the provisions of this section shall apply in respect of,—
(a) (i) a new ship or new aircraft acquired after the 31st day of March, 1987 but before
the 1st day of April, 1988, if the assessee furnishes evidence to the satisfaction of the
Assessing Officer that he had, before the 12th day of June, 1986, entered into a contract for
the purchase of such ship or aircraft with the builder or manu-facturer or owner thereof, as the
case may be;
(ii) any new machinery or plant installed after the 31st day of March, 1987 but before the
1st day of April, 1988, if the assessee furnishes evidence to the satisfaction of the Assessing
Officer that before the 12th day of June, 1986, he had purchased such machinery or plant or
had entered into a contract for the purchase of such machinery or plant with the manufacturer
or owner of, or a dealer in, such machinery or plant, or had, where such machinery or plant
has been manufactured in an undertaking owned by the assessee, taken steps for the
manufacture of such machinery or plant:
Provided that nothing contained in sub-section (1) shall entitle the assessee to claim
deduction in respect of a ship or aircraft or machinery or plant referred to in this clause in any
previous year except the previous year relevant to the assessment year commencing on the 1st
day of April, 1989;
(b) a new ship or new aircraft acquired or any new machinery or plant installed after the
31st day of March, 1988, but before such date as the Central Government, if it considers
necessary or expedient so to do, may, by notification in the Official Gazette, specify in this
behalf.
(8C) Subject to the provisions of clause (ii) of sub-section (3), where a deduction has been
allowed to an assessee under sub-section (1) in any assessment year, no deduction shall be
allowed to the assessee under section 32AB in the said assessment year (hereinafter referred to as
the initial assessment year) and a block of further period of four years beginning with the
assessment year immediately succeeding the initial assessment year.]
4* * * * *
1. The words “, not being earlier than three years from the date of such notification,” omitted by Act 23 of 1986, s. 7
(w.e.f. 11986).
all the liabilities of the firm relating to the business immediately before the succession
become the liabilities of the company; and
all the shareholders of the company were partners of the firm immediately before the
succession.
The Central Government, if it considers necessary or expedient so to do, may, by
notification in the Official Gazette, direct that the deduction allowable under this section shall not
be allowed in respect of any ship or aircraft acquired or any machinery or plant installed after
such date 1*** as may be specified therein.
2[
The Central Government, if it considers necessary or expedient so to do, may, by
notification in the Official Gazette, omit any article or thing from the list of articles or things
specified in the Eleventh Schedule.]
3[
Notwithstanding anything contained in sub-section
or the notification of the
Government of India in the Ministry of Finance (Department of Revenue) No. GSR 870
(i) a new ship or new aircraft acquired after the 31st day of March, 1987 but before
the 1st day of April, 1988, if the assessee furnishes evidence to the satisfaction of the
Assessing Officer that he had, before the 12th day of June, 1986, entered into a contract for
the purchase of such ship or aircraft with the builder or manu-facturer or owner thereof, as the
case may be;
any new machinery or plant installed after the 31st day of March, 1987 but before the
1st day of April, 1988, if the assessee furnishes evidence to the satisfaction of the Assessing
Officer that before the 12th day of June, 1986, he had purchased such machinery or plant or
had entered into a contract for the purchase of such machinery or plant with the manufacturer
or owner of, or a dealer in, such machinery or plant, or had, where such machinery or plant
has been manufactured in an undertaking owned by the assessee, taken steps for the
manufacture of such machinery or plant:
Provided that nothing contained in sub-section
shall entitle the assessee to claim
deduction in respect of a ship or aircraft or machinery or plant referred to in this clause in any
previous year except the previous year relevant to the assessment year commencing on the 1st
day of April, 1989;
a new ship or new aircraft acquired or any new machinery or plant installed after the
31st day of March, 1988, but before such date as the Central Government, if it considers
necessary or expedient so to do, may, by notification in the Official Gazette, specify in this
behalf.
Subject to the provisions of clause
of sub-section
in any assessment year, no deduction shall be
allowed to the assessee under section 32AB in the said assessment year (hereinafter referred to as
the initial assessment year) and a block of further period of four years beginning with the
assessment year immediately succeeding the initial assessment year.]
4* * * * *
1. The words “, not being earlier than three years from the date of such notification,” omitted by Act 23 of 1986, s. 7
(w.e.f. 11986).