Amendment of section 34
Amendment of section 34
9. In section 34 of the Income-tax Act, in clause (a) of sub-section (3)—
(i) after the proviso, the following proviso shall be inserted, namely: —
'Provided further that where a ship has been acquired after the 28th day of February, 1966, this clause shall have effect in respect of such ship as if for the words "seventy-five", the word "fifty" had been substituted.';
(ii) the following Explanation shall be, and shall be deemed always to have been, inserted, namely: —
"Explanation.—For the removal of doubts, it is hereby declared that the deduction referred to in section 33 shall not be denied by reason only that the amount debited to the profit and loss account of the relevant previous year and credited to the reserve account aforesaid exceeds the amount of the profit of such previous year (as arrived at without making the debit aforesaid) in accordance with the profit and loss account.".
[Finance Act, 1966]