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of <h1>Section 34 Amendment: Ship Acquisition After Feb 28, 1966, Faces 50% Deduction Limit; Section 33 Deduction Clarified</h1> Section 34 of the Income-tax Act has been amended by the Finance Act, 1966. The amendment introduces a new proviso to clause (a) of sub-section (3), stating that for ships acquired after February 28, 1966, the percentage is reduced from seventy-five to fifty. Additionally, an Explanation has been added to clarify that deductions under section 33 will not be denied solely because the amount credited to the reserve account exceeds the profit of the previous year, as determined without the relevant debit.
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