Amendment of section 32

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....aft acquired after the 31st day of May, 1974 by an assessee engaged in the business of operation of ships or aircraft or in the case of new machinery or plant (other than office appliances or road transport vehicles) installed after that date for the purposes of business of generation or distribution of electricity or any other form of power or of construction, manufacture or production of any one....

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....oses of clause (ii): Provided that the assessee may, before the expiry of the time allowed under sub-section (1) or sub-section (2) of section 139, whether fixed originally or on extension, for furnishing the return of income for the assessment year in respect of which he first becomes entitled to deduction under this clause, furnish to the Income-tax Officer a declaration in writing that the pr....

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....lled in any office premises or any residential accommodation, including any accommodation in the nature of a guest-house, and (b) any ship, aircraft, machinery or plant in respect of which the deduction by way of development rebate is allowable under section 33. Explanation .- For the purposes of this clause,- (1) "new ship" or "'new aircraft" includes a ship or aircraft which before the....

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.... the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee; (3) an industrial undertaking shall be deemed to be a small-scale industrial undertaking, if the aggregate value of the machinery and plant installed, as on the last day of the previous year, for the purposes of the business of the undertaking does not exceed seven hund....