Sec 33 of Income Tax Act 1961. I First it sets out the Comptroller of Income Taxs CIT approach to the construction of the general anti-avoidance provision in section 33 of the Income Tax Act ITA. How Did The Tax Cuts And Jobs Act Change Personal Taxes Tax Policy Center Ii know-how patents copyrights trade marks licences. . Section 33 is as follows. I buildings machinery plant or furniture being tangible assets. Incometax incometaxlaws deduction section33 rebate incometaxact1961 taxation taxlaws Development allowance defined under section 33A is allowed for a deduction in the. Section 33AC in The Income- Tax Act 1995. 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. 1 3 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 a