{"act":{"id":"finance-act-2014","short_title":"The Finance Act, 2014","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.","act_number":"25","act_year":2014,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":129,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2014/"},"unit":"section","section":{"number":"11","heading":"Amendment of section 32AC","text":"Amendment of section 32AC. 11. In section 32AC of the Income-tax Act, with effect from the 1st day of April, 2015,— (i) | after sub-section (1), the following sub-sections shall be inserted, namely:— \"(1A) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new assets for the assessment year relevant to that previous year: Provided that no deduction under this sub-section shall be allowed for the assessment year commencing on the 1st day of April, 2015 to the assessee, which is eligible to claim deduction under sub-section (1) for the said assessment year. (1B) No deduction under sub-section (1A) shall be allowed for any assessment year commencing on or after the 1st day of April, 2018.\"; (ii) | in sub-section (2), after the words, brackets and figure \"allowed under sub-section (1)\", the words, brackets, figure and letter \"or sub-section (1A)\" shall be inserted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b> Amendment of section 32AC.</b></p><p><b> 11.</b> In section 32AC of the Income-tax Act, with effect from the 1st day of April, 2015,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>after sub-section (1), the following sub-sections shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(1A) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new assets and the amount of actual cost of such new assets acquired and installed during any previous year exceeds twenty-five crore rupees, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new assets for the assessment year relevant to that previous year:</td></tr><tr><td></td><td></td><td><b>Provided</b> that no deduction under this sub-section shall be allowed for the assessment year commencing on the 1st day of April, 2015 to the assessee, which is eligible to claim deduction under sub-section (1) for the said assessment year.</td></tr><tr><td></td><td></td><td>(1B) No deduction under sub-section (1A) shall be allowed for any assessment year commencing on or after the 1st day of April, 2018.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in sub-section (2), after the words, brackets and figure \"allowed under sub-section (1)\", the words, brackets, figure and letter \"or sub-section (1A)\" shall be inserted.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":206,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/11/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}