Income Tax Act, 2025
Section 5: Subs. by Act 18 of 2005, s. 9, for “such sale proceeds” (w.e.f. 12004).
5. Subs. by Act 18 of 2005, s. 9, for “such sale proceeds” (w.e.f. 12004).
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1[(aa) “Government company” shall have the meaning assigned to it in section 617 of the
Companies Act, 1956 (1 of 1956);]
(b) “new ship” shall have the same meaning as in clause (ii) of sub-section (2) of section 32AB.]
2[33B. Rehabilitation allowance.—Where the business of any industrial undertaking carried on in
India is discontinued in any previous year by reason of extensive damage to, or destruction of, any
building, machinery, plant or furniture owned by the assessee and used for the purposes of such business
as a direct result of—
(i) flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature; or
(ii) riot or civil disturbance; or
(iii) accidental fire or explosion; or
(iv) action by an enemy or action taken in combating an enemy (whether with or without a
declaration of war),
and, thereafter, at any time before the expiry of three years from the end of such previous year, the
business is re-established, reconstructed or revived by the assessee, he shall, in respect of the previous
year in which the business is so re-established, reconstructed or revived, be allowed a deduction of a sum
by way of rehabilitation allowance equivalent to sixty per cent.. of the amount of the deduction allowable
to him under clause (iii) of sub-section (1) of section 32in respect of the building, machinery, plant or
furniture so damaged or destroyed:
3[Provided that no deduction under this section shall be allowed in relation to the assessment year
commencing on the 1st day of April, 1985, or any subsequent assessment year.]
Explanation.—In this section, “industrial undertaking” means any undertaking which is mainly
engaged in the business of generation or distribution of electricity or any other form of power or in the
construction of ships or in the manufacture or processing of goods or in mining.]
“Government company” shall have the meaning assigned to it in section 617 of the
Companies Act, 1956 (1 of 1956);]
“new ship” shall have the same meaning as in clause
of sub-section
of section 32AB.]
2[33B. Rehabilitation allowance.—Where the business of any industrial undertaking carried on in
India is discontinued in any previous year by reason of extensive damage to, or destruction of, any
building, machinery, plant or furniture owned by the assessee and used for the purposes of such business
as a direct result of—
flood, typhoon, hurricane, cyclone, earthquake or other convulsion of nature; or
riot or civil disturbance; or
accidental fire or explosion; or
action by an enemy or action taken in combating an enemy (whether with or without a
declaration of war),
and, thereafter, at any time before the expiry of three years from the end of such previous year, the
business is re-established, reconstructed or revived by the assessee, he shall, in respect of the previous
year in which the business is so re-established, reconstructed or revived, be allowed a deduction of a sum
by way of rehabilitation allowance equivalent to sixty per cent.. of the amount of the deduction allowable
to him under clause
of sub-section
of section 32in respect of the building, machinery, plant or
furniture so damaged or destroyed:
3[Provided that no deduction under this section shall be allowed in relation to the assessment year
commencing on the 1st day of April, 1985, or any subsequent assessment year.]
Explanation.—In this section, “industrial undertaking” means any undertaking which is mainly
engaged in the business of generation or distribution of electricity or any other form of power or in the
construction of ships or in the manufacture or processing of goods or in mining.]