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2001 (11) TMI 36 - MADRAS HIGH COURTExtract: .......e Income-tax Rules, 1962, an expanded meaning has to be given to ships and pontoons and tugs are ships and are entitled to the higher development rebate of 40 per cent. A ship for depreciation and development rebate would be ship for investment allowance as well. The questions referred are answered against the Revenue and in favour of the assessee.
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