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

[Cites 0, Cited by 71] [Section 33(1)] [Section 33] [Entire Act]

Union of India - Subsection

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

(a)[In respect of a new ship or new machinery or plant (other than office appliances or road transport vehicles) which is owned by the assessee and is wholly used for the purposes of the business carried on by him, there shall, in accordance with and subject to the provisions of this section and of section 34, be allowed a deduction, in respect of the previous year in which the ship was acquired or the machinery or plant was installed or, if the ship, machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of that previous year, a sum by way of development rebate as specified in clause (b).

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

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