Continuance of development rebate in certain cases

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..... on 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; .....

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..... aler in, such machinery or plant, or had, where such machinery or plant has been manufactured in an undertaking owned by the assessee, taken steps for the manufacture of such machinery or plant, and accordingly the provisions of the Income-tax Act shall have effect in relation to such ship, machinery or plant, subject to the conditions specified in clauses (a), (b) and (c).     ***** .....

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