assuming sec. 263 revision jurisdiction holding the Assessing Officer to
have not carried out any factual verification / enquiry as sec. 33AB claim goes against ... come on record that PCIT's sec. 263 show
cause had raised the issue of sec. 33AB deduction only from beginning till
proceedings was the deduction allowable u/s.33AB of the Act. Sec.33AB of the Act reads as
follows:
" Sec.33AB . (1) Where ... recorded the following finding.
"13. Calculation of deduction under Section 33AB :
The deduction under Sec 33AB is allowable only on the composite income
earned
provisions analogous to section 33A (5) and
section 32A (6) , it is submitted that the said sub-sections in sections 33A
and 32A make ... existence of any provision like section
33A(5) and section 32A(6) in section 32AB and 33AB do not have any
materiality. The said
direction of the Commissioner of Income-tax (Appeals) that
deduction under section 33AB was to be allowed after determining 40 per cent of the
composite ... true and proper interpretation of the provisions of
section 33AB of the Act and rule 8 of the Rules, the Tribunal was justified
have
held that section 33AB is a beneficial section, the disallowance u/s
33AB(7) should be restricted to Rs. 6,318/- as the disallowance ... dispute before us.
We find that the provisions of section 32AB (6) and section 33AB(7) are similarly
worded in both letter as well
assessee by withdrawal from NABARD and
hence, in sub-section (6) of section 33AB of the Act any withdrawal made by assessee from
NABARD ... such sec. is
sec.32 , which allows deduction for depreciation determined at percentage of cost of an
asset specified therein. Sec.33A , 33AB allow deduction
regarding utilization of
fund deposited in NABARD for the purpose of Sec. 33AB(4) .
5. In view of the facts and circumstances of the case ... Bisseswarlall Mnnalal & Sons Page 12
all. Sub- section 4 of Section 33AB had been reproduced by the
Assessing Officer in the Assessment Order
account
maintained with NABARD which is against the provision of Sec. 33AB(4) of
the Act.
8. The assessee has withdrawn ... scheme was allowable, ignoring the fact
that s per provisos of section 33AB(4) purchase of computer is not allowable
from the withdrawal from credit
Year 1991-92 onwards. Sub-section (6) of section
32AB of the Act contained a similar provision to section 33AB ... dispute before us. We
find that the provisions of section 32AB (6) and section 33AB(7) are similarly worded in
both letter as well
Idustries Ltd.
assessee's claim for deduction under section 33AB of the Act with
respect to the income earned from Northern Division ... made, by it as required by section 33AB and in order to enable the
assessee company to claim the maximum benefit of the deposit
