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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tax Break for Public Shipping Companies: Special Deductions Allowed Under New Section 33AC with Strategic Investment Conditions</h1> The text introduces a new section 33AC to the Income-tax Act, 1961, specifically addressing tax deductions for public shipping companies. It allows deductions up to total income for reserves credited to a special account, with conditions that the reserves cannot exceed twice the paid-up share capital. The reserves must be utilized within eight years for acquiring new ships or business purposes, with strict provisions that improper use or premature sale of ships will result in the amount being taxed as profits.
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