{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"14","heading":"Amendment of section 32AC","text":"Amendment of section 32AC. 14. In section 32AC of the Income-tax Act, in sub-section (1A),— (i) | for the words \"acquired and installed during any previous year exceeds twenty-five crore rupees\", the words, figures and letters \"acquired during any previous year exceeds twenty-five crore rupees and such assets are installed on or before the 31st day of March, 2017\" shall be substituted; (ii) | before the proviso, the following proviso shall be inserted, namely:— \"Provided that where the installation of the new assets are in a year other than the year of acquisition, the deduction under this sub-section shall be allowed in the year in which the new assets are installed.\"; (iii) | in the existing proviso, for the words \"Provided that\", the words \"Provided further that\" shall be substituted.","html":"<p><b>Amendment of section 32AC.</b></p><p><b>14.</b> In section 32AC of the Income-tax Act, in sub-section (1A),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for the words \"acquired and installed during any previous year exceeds twenty-five crore rupees\", the words, figures and letters \"acquired during any previous year exceeds twenty-five crore rupees and such assets are installed on or before the 31st day of March, 2017\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>before the proviso, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided</b> that where the installation of the new assets are in a year other than the year of acquisition, the deduction under this sub-section shall be allowed in the year in which the new assets are installed.\";</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>in the existing proviso, for the words \"Provided that\", the words \"Provided further that\" shall be substituted.</td></tr></table></div>","words":130,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/14/","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."}