Section 33B of ITA, 1961 : Section 33B: Rehabilitation Allowance
ITA, 1961
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Explanation using Example
Imagine a company, 'XYZ Power Generators Pvt. Ltd.', which is engaged in the generation and distribution of electricity. In the financial year 1982-83, their power plant located in a coastal region of India is severely damaged due to a cyclone. This natural disaster leads to the destruction of key machinery and buildings, causing the business to discontinue operations.
XYZ Power Generators decides to rebuild the plant and replace the damaged machinery. By the financial ye...
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