Development rebate on transfer: successor must inherit proviso conditions and may claim outstanding rebate subject to period limits.

Amendments to section 10(2) permit a twenty per cent. deduction of actual cost for newly erected employee-residence or welfare buildings in the year of erection without reducing written down value; revise allowance rates for ships and machinery or plant; and establish rules for transfer of development rebate on amalgamation or firm-to-company succession whereby the successor must meet proviso conditions, may claim outstanding rebate subject to an overall period cap, and is treated as the assessee for those assets.

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