Insertion of new section 33B
Section 11 of the Finance Act, 1967 deals with insertion of new section 33B. Insertion of new section 33B 11. After section 33A of the Income-tax Act, the following section shall be inserted, namely:— '33R 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 de The Act was enacted on 05 Aug 1967.
Insertion of new section 33B
11. After section 33A of the Income-tax Act, the following section shall be inserted, namely:—
'33R 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 32 in respect of the building, machinery, plant or furniture so damaged or destroyed.
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.'.
[Finance (No.
2) Act, 1967]
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Section 11, The Finance Act, 1967 (Act 20 of 1967).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 11
What does Section 11 of the Finance Act deal with?
Section 11 of the Finance Act is headed "Insertion of new section 33B". Insertion of new section 33B 11. After section 33A of the Income-tax Act, the following section shall be inserted, namely:— '33R 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 de
How do I find court cases under Section 11 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1967 11, section 11 Finance Act 1967, section 11 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 11 of the Finance Act, and has it changed?
Its own text turns on section 32 (Amendment of First Schedule), Income-tax Act 33A (Development allowance), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.
When was Section 11 of the Finance Act enacted?
Section 11 of the Finance Act, cited as Finance Act 1967 11, was enacted on 05 Aug 1967 as Act 20 of 1967. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. Income-tax and surcharges on income-tax17952 words
- 2. Income-tax1717 words
- 27. Amendment of Chapter XIII1494 words
- 34. Amendment of Act 27 of 19571262 words
- 35. Amendment of Act 18 of 19581256 words
- 30. Amendment of Chapter XVII1048 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.