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International Computers India ... vs Deputy Commissioner Of ... on 18 February, 1997
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M/S South India Steel Rolling ... vs Commissioner Of Income Tax, ... on 25 February, 1997
Porritts And Spencer (Asia) Ltd. vs Commissioner Of Income-Tax on 8 March, 1989
Commissioner Of Income-Tax, ... vs Sree Mahalaxmi Mills Ltd. on 3 October, 1974

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[Section 33] [Complete Act]
Central Government Act
Section 33(1) in The Income- Tax Act, 1995
(1) 3[ (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).
(b) The sum refer- red to in clause (a) shall be,-
(A) in the case of a ship, forty per cent of the actual cost thereof to the assessee;
(B) in the case of machinery or plant,-
(i) where the machinery or plant is installed for the purposes of business of construction, manufacture or production of any one or more of the articles or things specified in the list in the Fifth Schedule,-
(a) thirty- five per cent of the actual cost of the machinery or plant to the assessee, where it is installed before the 1st day of April, 1970 , and
(b) twenty- five per cent of such cost, where it is installed after the 31st day of March, 1970 ;
(ii) where the machinery or plant is installed after the 31st day of March, 1967 , by an assessee being an Indian company in premises used by it as a hotel and such hotel is for the time being approved in this behalf by the Central Government,-
(a) thirty- five per cent of the actual cost of the machinery or plant to the assessee, where it is installed before the 1st day of April, 1970 , and
(b) twenty- five per cent of such cost, where it is installed after the 31st day of March, 1970 ;
(iii) where the machinery or plant is installed after the 31st day of March, 1967 , being an asset representing expenditure of
1. The deduction in respect of development rebate has been discontinued in respect of ships acquired or machinery or plant installed after 31- 5- 1974. A special provision was made under section 16 of the Finance Act, 1974, as amended by section 30 of the Finance Act, 1975 allowing the deduction for the period 1- 6- 1974 to 31- 5- 1977 on the fulfilment of certain conditions.
3. Substituted by the Finance (No. 2) Act, 1967, w. e. f. 1- 4- 1968. Earlier, it was amended by the Income- tax (Amendment) Act, 1963, w. e. f. 1- 4- 1963; the Finance Act, 1965 and the Finance (No. 2) Act, 1965, both with effect from 1- 4- 1965.
a capital nature on scientific research related to the business carried on by the assessee,-
(a) thirty- five per cent of the actual cost of the machinery or plant to the assessee, where it is installed before the 1st day of April, 1970 , and,
(b) twenty- five per cent of such cost, where it is installed after the 31st day of March, 1970 ;
(iv) in any other case,-
(a) twenty per cent of the actual cost of the machinery or plant to the assessee, where it is installed before the 1st day of April, 1970 , and
(b) fifteen per cent of such cost, where it is installed after the 31st day of March, 1970 .]