India - Income Tax Act 2010 - Saarc

S. 33AC I.T. ACT, 1961 1.202scheme continues to apply to the company in the manner applicableto the firm.Explanation.—The provisions of clause (ii) of the proviso shall apply onlywhere—(i) all the properties of the firm relating to the business or professionimmediately before the succession become the properties of thecompany;(ii) all the liabilities of the firm relating to the business or professionimmediately before the succession become the liabilities of thecompany; and(iii) all the shareholders of the company were partners of the firmimmediately before the succession.(9) The Central Government may, if it considers necessary or expedient so to do,by notification in the Official Gazette, direct that the deduction allowable underthis section shall not be allowed after such date as may be specified therein.Explanation.—For the purposes of this section,—(a) “State Bank of India” means the State Bank of India constituted underthe State Bank of India Act, 1955 (23 of 1955);(b) the expression “amount standing to the credit of the assessee in thespecial account or the Site Restoration Account” includes interestaccrued to such accounts.]31[Reserves for shipping business.33AC. (1) 32 [In the case of an assessee, being a Government company or a publiccompany formed and registered in India with the main object of carryingon the business of operation of ships, there shall, in accordance with and subjectto the provisions of this section, be allowed a deduction of an amount notexceeding fifty per cent of profits derived from the business of operation of ships(computed under the head “Profits and gains of business or profession” andbefore making any deduction under this section), as is debited to the profit andloss account of the previous year in respect of which the deduction is to beallowed and credited to a reserve account, to be utilised in the manner laid downin sub-section (2) :]31. Inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1990.32. Substituted for the portion beginning with the words “In the case of an assessee” andending with the words “manner laid down in sub-section (2) :” by the Finance Act, 1995,w.e.f. 1-4-1996. Prior to substitution, the quoted portion, as amended by the Finance Act,1992, w.e.f. 1-4-1993, read as under :“In the case of an assessee, being a Government company or a public company formed andregistered in India with the main object of carrying on the business of operation of ships,there shall, in accordance with and subject to the provisions of this section, be allowed adeduction of an amount, not exceeding the total income (computed before making anydeduction under this section and Chapter VI-A), as is debited to the profit and loss accountof the previous year in respect of which the deduction is to be allowed and credited to areserve account to be utilised in the manner laid down in sub-section (2) :”