Conditions for depreciation allowance and development rebate

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..... t of the development rebate to be actually allowed is debited to the profit and loss account of 3 [ any previous year in respect of which the deduction is to be allowed under sub-section (2) of that section or any earlier previous year (being a previous year not earlier than the year in which the ship was acquired or the machinery or plant was installed or the ship, machinery or plant was first .....

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..... or the words seventy-five , the word fifty had been substituted.] Explanation . -[ Omitted by the Finance Act, 1990, w.r.e.f. 1-4-1962. Earlier, it was inserted by the Finance Act, 1966, w.r.e.f. 1-4-1962. ] ( b ) If any ship, machinery or plant is sold or otherwise transferred by the assessee to any person at any time before the expiry of eight years from the end of the previous year i .....

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..... 1956 (1 of 1956) ; or ( iii ) where the sale or transfer of the ship, machinery or plant is made in connection with the amalgamation or succession, referred to in sub-section (3) or sub-section (4) of section 33. ------------------------------ Notes:- 1. Omitted by the Taxation Laws (Amendment Miscellaneous Provisions) Act, 1986, w.e.f. 1-4-1988. Original sub-sec .....

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