Section 34(3)(a) in The Income Tax Act, 1961

[Cites 0, Cited by 98] [Section 34(3)] [Section 34] [Entire Act]

Union of India - Subsection

Section 34(3)(a) in The Income Tax Act, 1961

(a)The deduction referred to in section 33 shall not be allowed unless an amount equal to seventy-five per cent. of the development rebate to be actually allowed is debited to the profit and loss account of [any previous year in respect of which the deduction is to be allowed under sub-section (2) of that section or any earlier previous year (being a previous year not earlier than the year in which the ship was acquired or the machinery or plant was installed or the ship, machinery or plant was first put to use)] [ Substituted by Act 12 of 1990, Section 11, for certain words (w.e.f. 1.4.1996).] and credited to a reserve account to be utilised by the assessee during the period of eight years next following for the purposes of the business of the undertaking, other than-

(i)for distribution by way of dividends or profits; or

(ii)for remittance outside India as profits or for the creation of any asset outside India:

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Union of India - Subsection

Section 34(3)(a) in The Income Tax Act, 1961