TaxTMI 
TaxTMI 
Amendment of section 33
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.... any other person shall, subject to the provisions of section 34, also be allowed as a deduction a sum by way of development rebate at such rate or rates as may be prescribed, provided that the following conditions are fulfilled, namely:- (i) such ship was not previous to the date of such acquisition owned at any time by any person resident in India; (ii) such ship is wholly used for the purpo....
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....n respect of such machinery or plant has been allowed or is allowable under the provisions of the Indian Income-tax Act, 1922 (11 of 1922) or this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee; (iv) such machinery or plant is wholly used for the purposes of the business carried on by the assessee; an....
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....n (1) or sub-section (1A), as the case may be" shall be substituted; (iv) in clause (b) of sub-section (3), for the words and figures "section 33 and section 34", the words and figures "this section and section 34" shall be substituted; (v) after sub-section (4), the following sub-section shall be Inserted, namely:- "(5) The Central Government, if it considers nec....