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<h1>60% rehabilitation allowance on revived industrial assets where business rebuilt within three years under income tax depreciation rules</h1> If an industrial undertaking in India discontinues in a previous year because of extensive damage or destruction of owned buildings, machinery, plant or furniture caused by specified events (natural convulsions, riot, accidental fire/explosion, or enemy action) and the business is re-established, reconstructed or revived within three years, the assessee was allowed in the year of revival a rehabilitation allowance equal to 60% of the deduction otherwise allowable under the depreciation provision for those assets; the provision, which defines 'industrial undertaking' by reference to certain industries, was disapplied for assessment years beginning on or after 1 April 1985.
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