TaxTMI 
TaxTMI 
Insertion of New Section 33A
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....ave become permanently useless on any land already planted, twenty per cent. of the actual cost of planting, shall, subject to the provisions of this section, be allowed as a deduction in respect of the third succeeding previous year next following the previous year in which the land is prepared for planting or replanting, as the case may be : Provided that no deduction under clause (i) shall be allowed unless the plainting has commenced after the 31st day of March, 1965, and no deduction shall be allowed under clause (ii) unless the planting has commenced after the 31st day of March, 1965, and been completed before the 1st day of April, 1970. (2) Where the total income of the assessee assessable for the assessment year relevant to th....
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....n accordance with the provisions of sub section (2) in respect of more than one previous year, and the total income of the assessee assessable for that assessment year [the total income for this purpose being computed after making the allowance under sub section (1A) or clause (ii) of sub section (2) of section 33 but without making any allowance under sub section (1) of this section] is less than the amount of the development allowance due to be made in respect of that assessment year, the following procedure shall be followed, namely : (i) the allowance under clause (ii) of sub section (2) of this section shall be made before any allowance under clause (i) of that sub section is made; and (ii) where an allowance has to be made under c....
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....ld or otherwise transferred by the assessee to the Government, a local authority, a corporation established by a Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956); or (ii) where the sale or transfer of the land is made in connection with the amalgamation or succession referred to in sub section (5) or sub section (6). (5) Where in a scheme of amalgamation, a company (hereinafter in this sub section referred to as the predecessor) sells or otherwise transfers to the company formed in pursuance of the predecessors amalgamation with that company (hereinafter in this sub section referred to as the successor) any land in respect of which development allowance has been al....