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
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
example, it may be noticed that Section 33 refers to development rebate. Section 33A refers to developmerit allowance in respect of planting of tea bushes ... assessee who carries on business of growing and manufacturing of tea. Section 33AB also provides for tea development account.
40. For the reasons aforementioned, this
manufacturing
and sale of tea) and the benefit of deduction under section
33AB of the Act can be allowed by treating the said interest
income
manufacture of tea in order to compute the
permissible deduction under Section 33AB . He submitted that the
aforesaid ... taken into account for the purpose of allowing deduction under
section 33AB of the Income Tax Act. Therefore, it appears to us
that the adequate
Whether on a true and proper interpretation of the scope of
Section 33AB of the Act, the Tribunal was justified in law in holding that ... deduction under Section 33AB of the Act is to be allowed only against non
agricultural portion of the income after apportionment of the composite
income
