TMI BlogDevelopment rebateX X X X Extracts X X X X X X X X Extracts X X X X ..... ar, a sum by way of development rebate as specified in clause ( b ). ( b ) The sum referred to in clause ( a ) shall be- ( A ) in the case of a ship, forty per cent of the actual cost thereof to the assessee; ( B ) in the case of machinery or plant,- ( i ) where the machinery or plant is installed for the purposes of business of construction, manufacture or production of any one or more of the articles or things specified in the list in the Fifth Schedule,- ( a ) thirty-five per cent of the actual cost of the machinery or plant to the assessee, where it is installed before the 1st day of April, 1970, and ( b ) twenty-five per cent of such cost, where it is installed after the 31st day of March, 1970; ( ii ) where the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... velopment 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 purposes of the business carried on by the assessee; and ( iii ) such other conditions as may be prescribed. ( b ) An assessee who installs any machinery or plant (other than office appliances or road transport vehicles) which before such installation by the assessee was used outside India by 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otal income for this purpose being computed without making any allowance under sub-section (1) 3 [ or sub-section (1A) ] 4 [ of this section or sub-section (1) of section 33A ] 5 [ or any deduction under Chapter VI-A 6 [ *** ]]) is nil or is less than the full amount of the development rebate calculated at the rate applicable thereto under 7 [ sub-section (1) or sub-section (1A), as the case may be ] ,- ( i ) the sum to be allowed by way of development rebate for that assessment year under sub-section (1) 8 [ or sub-section (1A) ] shall be only such amount as is sufficient to reduce the said total income to nil ; and ( ii ) the amount of the development rebate, to the extent to which it has not been allowed as afor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he allowance under clause ( ii ) of sub-section (2) 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 clause ( ii ) of sub-section (2) in respect of amounts carried forward from more than one assessment year, the amount carried forward from an earlier assessment year shall be allowed before any amount carried forward from a later assessment year. 12 [ (3) Where, in a scheme of amalgamation, the amalgamating company sells or otherwise transfers to the amalgamated company any ship, machinery or plant in respect of which development rebate has been allowed to the amalgamating company under sub-section (1) or sub-section (1A),- ( a ) the amalgamated c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ply only where- ( i ) all the property of the firm relating to the business immediately before the succession becomes the property of the company; ( ii ) all the liabilities of the firm relating to the business immediately before the succession become the liabilities of the company; and ( iii ) all the shareholders of the company were partners of the firm immediately before the succession. 13 [ (5) The Central Government, if it considers it necessary or expedient so to do, may, by notification in the Official Gazette, direct that the deduction allowable under this section shall not be allowed in respect of a ship acquired or machinery or plant installed after such date, not being earlier than three years from the date of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 9. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965. 10. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. 11. or section 280-O omitted by the Finance Act, 1988, w.e.f. 1-4-1988. 12. Substituted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. Sub-section (3) was first amended by the Finance Act, 1964, w.e.f. 1-4-1964 and then by the Finance Act, 1966, w.e.f. 1-4-1966. 13. Inserted by the Finance Act, 1964, w.e.f. 1-4-1964. 14. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965. 15. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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