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
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
section 32A relates to investment allowance, section 32AB
relates to investment deposit account. Section 32AC deals with investment in
new plant or machinery. Section 32AD ... areas in certain States. Section 33 deals with
development rebate, while section 33A deals with development allowance.
Similarly, section 33AB deals with tea development account
warranted, ignoring the fact that for disallowance u/s 14A
rule 8D is mandatory from Assessment Year 2008-09 as held ... available with
NABARD was not warranted ignoring the clear provisions of section 33AB(4)(c) of the
Act.
Ground No.4:
On the facts
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
Delhi and Nagpur
universities which are institutions approved for the
purpose of section 35(1)(ii) of the Income tax Act, 1961.
In addition ... amount
admissible u/ss 33AB, 33AC, 35, 35ABB, 35AC, 35CCA, 35CCB, 35D &
35E as under:
Name of the Institution Section Amount Deduction
In house
