Section 33(2)(ii) in The Income Tax Act, 1961

[Cites 0, Cited by 20] [Section 33(2)] [Section 33] [Entire Act]

Union of India - Subsection

Section 33(2)(ii) in The Income Tax Act, 1961

(ii)the amount of the development rebate, to the extent to which it has not been allowed as aforesaid, shall be carried forward to the following assessment year, and the development rebate to be allowed for the following assessment year shall be such amount as is sufficient to reduce the total income of the assessee assessable for that assessment year, computed in the manner aforesaid, to nil, and the balance of the development rebate, if any, still outstanding shall be carried forward to the following assessment year and so on, so however, that no portion of the development rebate shall be carried forward for more than eight assessment years immediately succeeding the assessment year relevant to the previous year in which the ship was acquired or the machinery or plant installed or the immediately succeeding previous year, as the case may be.

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Union of India - Subsection

Section 33(2)(ii) in The Income Tax Act, 1961