sections (4) and (5) of Section 37 and disallowed a
sum of Rs.3,41,607/-. The Assessing Office also disallowed
deduction under Section 33AB ... flat expenditure under Section 37(4) read with Section 37(5) .
With regard to the assessee's claim under Section 33AB
referred to in section 28 shall be computed in accordance with the
provisions contained in sections 30 to 43D . Therefore section 33AB is a part ... allowance under Section 33AB from the
composite income.
Sub-section (1) of section 33AB states as follows:-
"Where an assessee carrying on business
provisions of Sections 30 to 36 could not
be disallowed under Section 37(4) of the Act.
f) Section 80HHC of the Act provides ... deduction under the said Section.
g) For the Assessment Year 1997-98 the appellant claimed deduction
under Section 33AB of the Act amounting
right in law in holding that the tea development allowance under section 33AB of the Income Tax Act, 1961, must be in relation ... assessee had deposited a sum of Rs. 18 lakhs under section 33AB(1) of the Income Tax Act, 1961, hereinafter referred
right in law in holding that the tea development allowance under Section 33AB of the Income-tax Act, 1961, must be in relation ... assessee had deposited a sum of Rs. 18 lakhs under Section 33AB(1) of the Income-tax Act, 1961, for short
contention raised by the counsel, let us extract Sub-section (2) of Section 33AB , which reads as follows :
(2) The deduction under Sub-section ... such accountant.
Abovementioned provision only says that deduction under Sub-section (1) of Section 33AB shall not be admissible unless the accounts of such business
urged by Shri. Kaushik that under Sub-
section (3) of Section 33AB of the IT Act, any amount
standing in the credit of assessee, shall ... released only for
specific purpose prescribed in Sub-section (4) of Section
33AB of the IT Act.
10. We have perused the said provision
follows:
" Whether on a true and proper interpretation of section
33AB of the Act, the Tribunal was justified in law in holding that ... purpose of computation of the quantum of deduction under
section 33AB ?"
The aforesaid question is covered, it was contended by
Mr.Khaitan
India Limited was entitled to benefits under the provisions of Section 32AB and Section 33AB of the Income-tax Act, apart from other benefits ... assessment year 1993-94, the company made deposits under Section 33AB(1) of the Income-tax Act and as such claimed deductions under the relevant
intended appeal by the revenue is whether the tribunal correctly applied
section 33AB(7) of the Income Tax Act, 1961?
Some complications in this case ... light of the above facts, there is no doubt that whether
section 33AB(7) of the said Act has been correctly applied by the tribunal
