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of <h1>Section 33: Development rebate for assessee owning and wholly using new ships or specified machinery and carryforward rules</h1> Section 33 grants a development rebate deduction for an assessee owning and wholly using a new ship or specified machinery/plant for business, with prescribed percentage rates varying by asset type, purpose and installation/acquisition dates. Special provisions allow rebates for previously foreign-used ships or imported machinery if prescribed conditions are met. If taxable income is insufficient, the unused rebate may be carried forward up to eight assessment years with ordering rules when amounts arise from multiple years. On amalgamation or firm-to-company succession, rebate balances and conditions transfer to the successor. The government may withdraw the deduction by notification, and machinery in offices/residential premises installed after 31-3-1965 is excluded, subject to a hotel exception.
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