Amendment of section 10

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..... reches, schools, canteens, libraries, recreational centres, shelters, rest rooms and lunch rooms, a sum (which shall not be deductible in determining the written down value for the purposes of this clause) equal to twenty per cent. of the actual cost of the building to the assessee in respect of the previous year of erection of the building: ; (ii) in clause (vib), (1) for sub-clause (i) and sub-clause (ii), the following sub-clauses shall be substituted, namely:- (i) in the case of a ship acquired after the 31st day of December, 1957, forty per cent. and in the case of a ship acquired before the 1st day of January, 1958, twenty-five per cent. of the actual cost of the ship to the assessee; and (ii) in the case of machinery or plant install .....

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..... spect of such ship, machinery or plant shall be allowed to the successor in accordance with Explanations I and II of clause (vib), so, however, that the total period for which the balance of development rebate shall be carried forward in the assessments of the predecessor and the successor shall not exceed the period of eight years specified in Explanation I to clause (vib) and the successor shall be treated as the assessee in respect of such ship, machinery or plant for the purposes of clause (vib) and this sub-clause; Explanation. - For the purposes of this sub-clause, amalgamation means the merger of two companies (each of which is hereinafter in this Explanation referred to as the amalgamating company) to form one company (hereinafter i .....

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..... and (c) all the partners of the firm immediately before the succession become shareholders of the company;'; (iv) after clause (xiv), the following clause shall be inserted, namely:- (xiva) in respect of any special reserve created by a financial corporation which is engaged in providing long term finance for industrial development in India, an amount not exceeding ten per cent. of the total income carried to such reserve account: Provided that the corporation is for the time being approved by the Central Government for the purposes of this clause: Provided further that where the aggregate of the amounts carried to such reserve account from time to time exceeds the paid-up share capital (excluding the amounts capitalised from reserves) .....

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