(1A)(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.(b)An assessee who installs any machinery or plant (other than office appliances or road transport vehicles) which before such installation by the assessee was used outside India 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 machinery or plant was not used in India at any time previous to the date of such installation by the assessee;(ii)it is imported in India by the assessee from any country outside India;(iii)no deduction on account of depreciation or development rebate in respect of such machinery or plant has been allowed or is allowable under the provisions of the Indian Income-tax Act, 1922 (11 of 1922), or this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee;(iv)such machinery or plant is wholly used for the purposes of the business carried on by the assessee; and(v)such other conditions as may be prescribed.(c)The development rebate under this sub-section shall be allowed as 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.]
