India - Income Tax Act 2010 - Saarc

S. 33 I.T. ACT, 1961 1.188under the provisions of the Indian Income-tax Act, 1922 (11 of 1922),or this Act in computing the total income of any person for any periodprior to the date of the installation of the machinery or plant by theassessee;(iv) such machinery or plant is wholly used for the purposes of thebusiness carried on by the assessee; and(v) such other conditions as may be prescribed.(c) The development rebate under this sub-section shall be allowed as a deductionin respect of the previous year in which the ship was acquired or themachinery or plant was installed or, if the ship, machinery or plant is first put touse in the immediately succeeding previous year, then, in respect of that previousyear.](2) In the case of a ship acquired or machinery or plant installed after the 31st dayof December, 1957, where the total income of the assessee assessable for theassessment year relevant to the previous year in which the ship was acquired orthe machinery or plant installed or the immediately succeeding previous year, asthe case may be (the total income for this purpose being computed withoutmaking any allowance under sub-section (1) 72 [or sub-section (1A)] 73 [of thissection or sub-section (1) of section 33A] 74 [or any deduction under ChapterVI-A 75 [***]]) is nil or is less than the full amount of the development rebatecalculated at the rate applicable thereto under 76 [sub-section (1) or sub-section(1A), as the case may be],—(i) the sum to be allowed by way of development rebate for thatassessment year under sub-section (1) 77 [or sub-section (1A)] shall beonly such amount as is sufficient to reduce the said total income tonil ; and(ii) the amount of the development rebate, to the extent to which it hasnot been allowed as aforesaid, shall be carried forward to thefollowing assessment year, and the development rebate to be allowedfor the following assessment year shall be such amount as is sufficientto reduce the total income of the assessee assessable for that assessmentyear, computed in the manner aforesaid, to nil, and the balanceof the development rebate, if any, still outstanding shall be carriedforward to the following assessment year and so on, so however, thatno portion of the development rebate shall be carried forward formore than eight assessment years immediately succeeding theassessment year relevant to the previous year in which the ship wasacquired or the machinery or plant installed or the immediatelysucceeding previous year, as the case may be.72. Inserted by the Finance Act, 1964, w.e.f. 1-4-1964.73. Inserted by the Finance Act, 1965, w.e.f. 1-4-1965.74. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968.75. “or section 280-O” omitted by the Finance Act, 1988, w.e.f. 1-4-1988.76. Substituted for “that sub-section” by the Finance Act, 1964, w.e.f. 1-4-1964.77. Inserted, ibid.