Additional Investment allowance of an amount equal to of the cost of the new asset acquired and installed for manufacture or production of any article or thing in any notified backward areas in the State of and the state
CS Executive · Tax Laws · PYQS · December 2020
Additional Investment allowance of an amount equal to of the cost of the new asset acquired and installed for manufacture or production of any article or thing in any notified backward areas in the State of and the state of during the period 1.4.2015 to 31.3.2020 is allowed in addition of the amount of deduction under section 32 AC of the Act.
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C). Official source note: There is a typo error in the question. Additional Investment Allowance for investment in notified backward areas is specified in Section 32AD of the Income tax Act, 1961 instead of section 32AC of the Income tax Act, 1961.
Topics: Income from Business or Profession
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