Conditions for depreciation allowance and development rebate

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....the ship, machinery or plant was first put to use)] and credited to a reserve account to be utilised by the assessee during a period of eight years next following for the purposes of the business of the undertaking, other than- (i) for distribution by way of dividends or profits ; or (ii) for remittance outside India as profits or for the creation of any asset outside India : Provided that this clause shall not apply where the assessee is a company, being a licensee within the meaning of the Electricity (Supply) Act, 1948 (54 of 1948), or where the ship has been acquired or the machinery or plant has been installed before the 1st day of January, 1958 : ^5[Provided further that where a ship has been acquired after the....

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....s (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-04-1988 before it was read as,  "(1) The deductions referred to in sub-section (1) or sub-section (1A) of section 32 shall be allowed only if the prescribed particulars have been furnished; and the deduction referred to in section 33 shall be allowed only if the particulars prescribed for the purpose of clause (i) and clause (ii) of sub-section (1) of section 32 have been furnished by the assessee in respect of the ship or machinery or plant." Earlier, Amended vide Section 6 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 2.  Omitted vide Section 6 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e....

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....ection (1A) of section 32 shall be deemed to authorise the allowance for any previous year of any sum in respect of any structure or work in or in relation to a building referred to in that sub-section which is sold, discarded, demolished or destroyed or is surrendered as a result of the determination of the lease or other right of occupancy in respect of the building in that year." Earlier, Amended vide Section 10 of the Finance Act, 1965 w.e.f. 01-04-1965 And was Amended vide Section 12 of the Finance (No. 2) Act, 1967 w.e.f. 01-04-1967 And was Amended vide Section 6 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 And was Amended vide Section 4 of the Direct Taxes (Amendment) Act, 1974 w.e.f. 0....