Continuance of development rebate in certain cases

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Full Text of the Document

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....n 33 of the Income-tax Act shall not apply in respect of - (a) any ship acquired after the 31st day of May, 1974, but before 1[the 1st day of January, 1977], by any assessee, if the assessee furnishes evidence to the satisfaction of the Income-tax Officer that he had, before the 1st day of December, 1973, entered into a contract for the purchase of such ship with the builder or owner thereof; ....