Section 33(1A)(a) in The Income Tax Act, 1961

[Cites 0, Cited by 0] [Section 33(1A)] [Section 33] [Entire Act]

Union of India - Subsection

Section 33(1A)(a) in The Income Tax Act, 1961

(a)An assessee who, after the 31st day of March, 1964, acquires any ship which before the date of acquisition by him was used by any other person shall, subject to the provisions of section 34, also be allowed as a deduction a sum by way of development rebate at such rate or rates as may be prescribed, provided that the following conditions are fulfilled, namely:-

(i)such ship was not previous to the date of such acquisition owned at any time by any person resident in India;

(ii)such ship is wholly used for the purposes of the business carried on by the assessee; and

(iii)such other conditions as may be prescribed.

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Union of India - Subsection

Section 33(1A)(a) in The Income Tax Act, 1961