https://www.taxtmi.com/acts?id=45736 Amendment inserts a provision allowing a development rebate deduction where an assessee acquires a ship previously used by another person or installs machinery or plant previously used outside India, subject to conditions: non-previous Indian ownership/use, importation by the assessee for plant, no prior allowance for depreciation or rebate, whole business use, and any prescribed conditions; the rebate is allowable in the year of acquisition or installation or, if first put to use in the next year, in that year. en-us Mon, 02 Dec 2024 17:27:25 +0530 Mon, 02 Dec 2024 17:27:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=45736 Amendment inserts a provision allowing a development rebate deduction where an assessee acquires a ship previously used by another person or installs machinery or plant previously used outside India, subject to conditions: non-previous Indian ownership/use, importation by the assessee for plant, no prior allowance for depreciation or rebate, whole business use, and any prescribed conditions; the rebate is allowable in the year of acquisition or installation or, if first put to use in the next year, in that year. Act-Rules F. Acts / Amendment Acts Mon, 02 Dec 2024 17:27:25 +0530 https://www.taxtmi.com/acts?id=45736