Section Text
In section 32 of the Income-tax Act, with effect from the 1st day of April, 1981, -
(a) in sub-section (1), after clause (ii), the following clause shall be inserted, namely :-
'(iia) in the case of any new machinery or plant (other than ships and aircraft) which has been installed after the 31st day of March, 1980, but before the 1st day of April, 1985, a further sum equal to one-half of the amount admissible under clause (ii) (exclusive of extra allowance for double or multiple shift working of the machinery or plant and the extra allowance in respect of machinery or plant installed in any premises used as a hotel) in respect of the previous year in which such machinery or plant is installed or, if the machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of that previous year :
Provided that no deduction shall be allowed under this clause in respect of -
(a) any machinery or plant installed in any office premisses or any residential accommodation;
(b) any office appliances or road transport vehicles; and
(c) any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise( in computing the income chargeable under the head "Profits and gains of business or profession" of any one previous year.
Explanation : For the purposes of this clause, -
(a) "new machinery or plant" shall have the meaning assigned to it in clause (2) of the Explanation below clause (vi) of this sub-section;
(b) "residential accommodation" includes accommodation in the nature of a guest house but does not include premises used as a hotel;';
(b) in sub-section (2), after the words, brackets and figures "or clause (ii)", the words, brackets, figures and letter "or clause (iia)" shall be inserted.