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of <h1>Amendment to Section 33 allows development rebate on new ships and machinery under specific conditions post-March 31, 1964.</h1> The amendment to Section 33 of the Income-tax Act introduces a new sub-section (1A) allowing an assessee to claim a development rebate on ships and machinery acquired after March 31, 1964, under specific conditions. For ships, they must not have been previously owned by an Indian resident and must be used solely for business purposes. For machinery or plant, it must be imported, not previously used in India, and used solely for business. Additionally, the Central Government may issue notifications to restrict these deductions for acquisitions or installations made after a specified future date. Sub-sections and clauses are adjusted to incorporate these amendments.
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