Regarding new section 32ac inserted by budget 2013-14

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Amit Kumar Chopra (Querist)
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02 March 2013 Whether said deduction will be available on the assets for which the 50% advance made prior to 01.04.2013 but asset received and capitalized by the assessee after 01.04.2013? -What if in the case of 100% advance?
-What if in case asset is received but payment 100% payment made after 01.04.2013?
-What if 50% payment made after 01.04.2013?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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02 March 2013 In my opinion and going by the intention of the law, advance paid but new asset is received and put to use after 31.03.2013, then you may treat the same as investment for the purpose of 32AC

@VaibhavJ

@VaibhavJ (Expert)
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02 March 2013 Agree with expert!!

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Regarding new section 32ac inserted by budget 2013-14

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