Amendment of section 34
Amendment of section 34
11. In section 34 of the Income-tax Act, in sub-section (3), in clause (a), —
(i) for the words "the relevant previous year", the words, brackets and figure "any previous year in respect of which the deduction is to be allowed under sub-section (2) of that section or any earlier previous year (being a previous year not earlier than the year in which the ship was acquired or the machinery or plant was installed or the ship, machinery or plant was first put to use)" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1962;
(ii) the Explanation shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 1962.
[Finance Act, 1990]