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 32 in respect of
the building, machinery, plant or furniture so damaged or
destroyed :
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.
|
