Section 32A of ITA, 1961 : Section 32A: Investment Allowance
ITA, 1961
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Explanation using Example
Let's consider a hypothetical scenario where a company named Oceanic Shipping Ltd. is engaged in the business of operating ships. In the financial year 2022-2023, they acquire a new ship for international trade routes. The actual cost of the ship to the company is INR 100 million.
Under Section 32A of the Income-tax Act, 1961, Oceanic Shipping Ltd. can claim an investment allowance because the ship is a new asset acquired for the b...
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