India - Income Tax Act 2010 - Saarc

S. 33B I.T. ACT, 1961 1.204shall be deemed to be the profits,—(i) in a case referred to in clause (a), in the year in which the amount wasso utilised ; or(ii) in a case referred to in clause (b), in the year immediately followingthe period of eight years specified in sub-section (2) ; or(iii) in a case referred to in clause (c), in the year in which the sale ortransfer took place,and shall be charged to tax accordingly.38[(4) Where the ship is sold or otherwise transferred (other than in any schemeof demerger) after the expiry of the period specified in clause (c) of sub-section(3) and the sale proceeds are not utilised for the purpose of acquiring a new shipwithin a period of one year from the end of the previous year in which such saleor transfer took place, 39 [so much of such sale proceeds which represent theamount credited to the reserve account and utilised for the purposes mentionedin clause (c) of sub-section (3)] shall be deemed to be the profits of the assessmentyear immediately following the previous year in which the ship is sold ortransferred.]Explanation.—For the purposes of this section,—(a) 40 “public company” shall have the meaning assigned to it in section 3of the Companies Act, 1956 (1 of 1956) ;41[(aa) 42 “Government company” shall have the meaning assigned to it insection 617 of the Companies Act, 1956 (1 of 1956) ;](b) “new ship” shall have the same meaning as in clause (ii) of sub-section(2) of section 32AB.]43[Rehabilitation allowance.33B. Where the business of any industrial undertaking carried on in India isdiscontinued in any previous year by reason of extensive damage to, ordestruction of, any building, machinery, plant or furniture owned by the assesseeand used for the purposes of such business as a direct result of—(i) flood, typhoon, hurricane, cyclone, earthquake or other convulsion ofnature ; or(ii) riot or civil disturbance ; or(iii) accidental fire or explosion ; or(iv) action by an enemy or action taken in combating an enemy (whetherwith or without a declaration of war),and, thereafter, at any time before the expiry of three years from the end of suchprevious year, the business is re-established, reconstructed or revived by the38. Inserted by the Finance Act, 2003, w.e.f. 1-4-2004.39. Substituted for “such sale proceeds” by the Finance Act, 2005, w.r.e.f. 1-4-2004.40. For definition of “public company” under clause (iv) of section 3(1) of the Companies Act,1956, see Appendix.41. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993.42. For definition of “Government company”, see footnote 71 on page 1.23 ante.43. Inserted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967.