(8)In addition to deduction under sub-section (3), additional deduction in respect of depreciation for any new machinery or plant shall be allowed, when—(a)the assessee is engaged in the business of manufacture or production of any article or thing or in the business of generation, transmission or distribution of power;(b)the assessee acquires and installs the new machinery or plant;(c)the new machinery or plant is first put to use by the assessee for the purposes of business; and(d)the new machinery or plant (not being a ship or an aircraft)—(i)was not used either within or outside India by any other person before its installation by the assessee;(ii)is not installed in any office premises or any residential accommodation, including accommodation in the nature of a guest house;(iii)is not in the nature of any office appliances or road transport vehicle; or(iv)is not an asset on which the whole of the actual cost is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income under the head "Profits and gains of business or profession" of any tax year.
