Union Government, Extraordinary, 1999-01-08, Part II-Section 3-Sub-Section(ii), Ref. 13 (E)

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by  Government of India

REGD. NO. D. L.-33004/98
The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 13] NEW DELHI, FRIDAY, JANUARY 8, 1999/PAUSA 18, 1920
81 GI/99 (1)
2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC 3(ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 8th January, 1999
Income-Tax
S.O. 13(E)- In exercise of the powers conferred by section 295 of the Income-tax
Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules
further to amend the Income-tax Rules, 1962, namely :-
1. (1) These rules may be called the Income-tax (First Amendment) Rules, 1999.
(2) They shall come into force from the 1st day of April, 1999.
2. In the Income-tax Rules, 1962 in Appendix I,-
(a) in Part III, in item (2), after entry (ii), the following entries shall be inserted, namely:-
"(iia) Commercial vehicle which is acquired by the assessee
on or after the lst day of October, 1998 but before the
1st day of April, 1999 and is put to use for any period
before the 1st day of April, 1999 for the purposes of
business or profession in accordance with the third
proviso to clause (ii) of sub-section (1) of section 32
[See Note 3A below the Table]
40%
New commercial vehicle which is acquired on or after
the lst day of October, 1998 but before the let day of
April, 1999 in replacement of condemned vehicle of
3
over 15 yean of age and is put to use for any period
before the 1st day of April, 1999 far the purposes of
business or profession in accordance with the third
proviso to clause (ii) of sub-section (1) of section 32
[See Note 3A below the Table] 60%
(iic) New commercial vehicle which is acquired on or after
the 1st day of April, 1999 but before the 1st day of
April, 2000 in replacement of condemned vehicle of
over 15 years of age and is put to use before the 1st day
of April, 2000 for the purposes of business or
profession in accordance with the second proviso to
clause (ii) of sub-section (1) of section 32
[See Note 3A below the Table] 60%";
(b) below the Table, after Note 3, the following note shall be inserted, namely :-
'3A "commercial vehicle' means "heavy goods vehicle", "heavy passenger motor vehicle",
"light motor vehicle", "medium goods vehicle" and "medium passenger motor vehicle"but does
not include "maxi-cab", "motor-cab", "tractor" and "road-roller". The expressions "heavy
goods vehicle", "heavy passenger motor vehicle", "light motor vehicle", "medium goods
vehicle", "medium passenger motor vehicle", "maxi-cab", "motor-cab", "tractor "and "road-
roller" shall have the meanings respectively as asigned to them in section 2 of the Motor
Vehilcles Act, 1988 (59 of 1988).'
[Notification No. 10759/F.No. 142/84/98-TPL]
S. BALASUBRAMANIYAN, Under. Secy.
Foot Note:—The Principal rules were published vide Notification S. O. No. 969(E) dated 26-3-1962 and were last amended
by Income-tax (Twenty Eighth Amendment) Rules, 1998 vide Notification S. O. No. 1112(E) dated 24-12-98.