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
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 The assessee has withdrawn ...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
business of growing and
manufacturing of tea. Under section 33AB of the Act where an assessee carrying on
business of growing and manufacturing ... depreciation on assets is dealt with in section 32 of the Act and not under
section 33AB of the Act. Section 33AB has no overriding
claimed depreciation on such assets. The Ld. AO by referring to Section
33AB(6) of the Act had stated that utilization of the amount standing ... made on account of depreciation the question of invoking sub-section (6) of Section
33AB of the Act does not arise. It is found from
business income for the purpose of
the benefit under section 33AB. The two judgments, cited by Mr. Majumdar, also
support the contentions of the assessee ... Tribunal cannot be accepted is that the benefit under section 33AB can be obtained
provided the assessee has made the deposits with the national bank
