India - Income Tax Act 2010 - Saarc

S. 33 I.T. ACT, 1961 1.186Explanation.—In this section,—(a) “computers” does not include calculating machines and calculatingdevices;(b) “Development Bank” means—Development rebate.(i) in the case of an assessee carrying on business of growing andmanufacturing tea in India, the National Bank for Agricultureand Rural Development established under section 3 of theNational Bank for Agriculture and Rural Development Act, 1981(61 of 1981);(ii) in the case of other assessees, the Industrial Development Bankof India established under the Industrial Development Bank ofIndia Act, 1964 (18 of 1964) and includes such bank or institutionas may be specified in the scheme in this behalf.]33. 68 [(1)(a) In respect of a new ship 69 or new machinery or plant (other thanoffice appliances or road transport vehicles) which is owned by the assesseeand is wholly used for the purposes of the business carried on by him, there shall,in accordance with and subject to the provisions of this section and of section 34,be allowed a deduction, in respect of the previous year in which the ship wasacquired or the machinery or plant was installed or, if the ship, machinery orplant is first put to use in the immediately succeeding previous year, then, inrespect of that previous year, a sum by way of development rebate as specifiedin 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 theassessee;(B) in the case of machinery or plant,—(i) where the machinery or plant is installed for the purposes ofbusiness of construction, manufacture or production of any oneor more of the articles or things specified in the list in the FifthSchedule,—(a) thirty-five per cent of the actual cost of the machinery orplant to the assessee, where it is installed before the 1st dayof April, 1970, and(b) twenty-five per cent of such cost, where it is installed after the31st day of March, 1970;(ii) where the machinery or plant is installed after the 31st day ofMarch, 1967, by an assessee being an Indian company in premisesused by it as a hotel and such hotel is for the time being approvedin this behalf by the Central Government,—68. Substituted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968. Sub-section (1) was firstamended by the Income-tax (Amendment) Act, 1963, w.e.f. 1-4-1963 and then by theFinance Act, 1965, and by the Finance (No. 2) Act, 1965, w.e.f. 1-4-1965.69. For the meaning of the term “ship”, see Taxmann’s Direct Taxes Manual, Vol. 3.