Bare Act Search Results

Income Tax Act, 1922 Complete Act

State: Central

Year: 1922

.....that year, be deemed to be the allowance for that year, and so on for succeeding years; and (c) the aggregate of all such allowances made under this Act or any Act repealed hereby, or under the Indian Income-tax Act, 1886, shall, in no case, exceed the original cost to the assessee of the buildings, machinery, plant, or furniture, as the case may be; (vii) in respect of any machinery or plant which, in consequence of its having become obsolete, has been sold or discarded, the difference between the original cost to the assessee of the machinery or plant as reduced by the aggregate of the allowances made in respect of depreciation under clause (vi), or any Act repealed hereby, or the Indian Income-tax Act, 1886, and the amount, for which the machinery or plant is actually sold, or its scrap value; (viii) any sums paid on account of land-revenue, local rates or municipal taxes in respect of such part of the premises as is used for the purposes of the business; (ix) any expenditure (not being in the nature of capital expenditure) incurred solely for the purpose of earning such profits or gains. (3) In sub-section (2), the word "paid" means actually paid or incurred according to the.....