Amendment of section 10

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.... such persons as hospitals, creches, schools, canteens, libraries, recreational centres, shelters, rest rooms and lunch rooms, a sum (which shall not be deductible in determining the written down value for the purposes of this clause) equal to twenty per cent. of the actual cost of the building to the assessee in respect of the previous year of erection of the building:"; (ii) in clause (vib), (1) for sub-clause (i) and sub-clause (ii), the following sub-clauses shall be substituted, namely:- "(i) in the case of a ship acquired after the 31st day of December, 1957, forty per cent. and in the case of a ship acquired before the 1st day of January, 1958, twenty-five per cent. of the actual cost of the ship to the ass....

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....ed the default; (2) the balance of development rebate, if any, still outstanding to the predecessor in respect of such ship, machinery or plant shall be allowed to the successor in accordance with Explanations I and II of clause (vib), so, however, that the total period for which the balance of development rebate shall be carried forward in the assessments of the predecessor and the successor shall not exceed the period of eight years specified in Explanation I to clause (vib) and the successor shall be treated as the assessee in respect of such ship, machinery or plant for the purposes of clause (vib) and this sub-clause; Explanation. - For the purposes of this sub-clause, "amalgamation" means the merger of two companies ....

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....he firm immediately before the succession becomes the property of the company; (b) all the liabilities of the firm immediately before the succession become the liabilities of the company; and (c) all the partners of the firm immediately before the succession become shareholders of the company;'; (iv) after clause (xiv), the following clause shall be inserted, namely:- "(xiva) in respect of any special reserve created by a financial corporation which is engaged in providing long term finance for industrial development in India, an amount not exceeding ten per cent. of the total income carried to such reserve account: Provided that the corporation is for the time being approved by the Central G....