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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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