Development rebate.33. (1)(a) In respect of a new ship or new machinery or plant (other than office appliances or road transport vehicles) which is owned by the assessee and is wholly used for the purposes of the business carried on by him, there shall, in accordance with and subject to the provisions of this section and of section 34, be allowed a deduction, in respect of the previous year in which the ship was acquired or the machinery or plant was installed or, if the ship, machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of that previous year, a sum by way of development rebate as specified in clause (b).(b) The sum referred to in clause (a) shall be-
(A)
-
in the case of a ship, forty per cent of the actual cost thereof to the assessee;
(B)
-
in the case of machinery or plant,-
(i)
-
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