Section 34(3)(b) in The Income Tax Act, 1961

[Cites 0, Cited by 90] [Section 34(3)] [Section 34] [Entire Act]

Union of India - Subsection

Section 34(3)(b) in The Income Tax Act, 1961

(b)If any ship, machinery or plant is sold or otherwise transferred by the assessee to any person at any time before the expiry of eight years from the end of the previous year in which it was acquired or installed, any allowance made under section 33 or under the corresponding provisions of the Indian Income-tax Act, 1922 (11 of 1922), in respect of that ship, machinery or plant shall be deemed to have been wrongly made for the purposes of this Act, and the provisions of sub-section (5) of section 155 shall apply accordingly:

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Union of India - Subsection

Section 34(3)(b) in The Income Tax Act, 1961