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of <h1>Section 16 of Finance Act 1974: Development Rebate for Ships, Machinery, and Plants under Specific Conditions</h1> The Finance Act, 1974, under Section 16, stipulates the continuance of development rebate for certain assets. The provisions exclude the application of a prior notification for ships acquired between June 1, 1974, and January 1, 1977, if a purchase contract was made before December 1, 1973. Similarly, coal-fired equipment or machinery converting oil-fired to coal-fired, installed between June 1, 1974, and June 1, 1977, qualifies. Additionally, other machinery or plant installed between June 1, 1974, and June 1, 1975, is eligible if purchased or contracted before December 1, 1973. These conditions affect the application of the Income-tax Act to such assets.
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