Amendment of section 32.

11. In section 32 of the Income-tax Act, in sub-section (1), in clause (ii). with effect from the 1st day of April, 1992—

(a) for the second proviso, the following proviso shall be substituted, namely: —

"Provided further that no deduction shall be allowed under this clause in respect of—

(a) any motor car manufactured outside India, where such motor car is acquired by the assessee after the 28th day of February, 1975, unless it is used—

(i) in a business -of running it on hire for tourists; or

(ii) outside India in his business or profession in another country; and

(b) any machinery or plant if the actual cost thereof is allowed as a deduction in one or more years under an agreement entered into by the Central Government under section, 42:";

(b) after the second proviso, the following proviso shall be inserted, namely: —

"Provided also that where any asset falling within .a block of assets is acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that provisions year, the deduction under this clause in respect of such asset shall be restricted to fifty per cent. of the amount calculated at the percentage prescribed under this clause in the case of block of assets comprising such asset:".

[Finance (No. 2) Act, 1991]