Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2003)86ITD275(Chennai)
..... machineries and plant during the previous year. the board's circular no. 550, dated 1-1-1990 on the scope and effect of the amendments made in section 32ab by the finance act, 1989 was relevant.moreover, for the purpose of depositing in the investment deposit account, the legislature has prescribed a fixed period and that too ..... the assessee does not select to deposit in a deposit account maintained with development bank it may utilise the amount of income for the purchase of new ship, aircraft or new machineries, etc., for the purpose of the business or profession carried on by the assessee.in the instant case, the machineries were purchased during the ..... year or before furnishing the return of its income whichever is earlier or utilised any amount during the previous year for the purchase of any new ship, new aircraft, new machinery or plant, without depositing any amount in the deposit account under clause (a). the section nowhere states that payment should be made in cash during .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2003)85ITD564(Chennai)
..... of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed, the assessee does not utilise the amount credited to the reserve account under sub-section (4) of section 32a ..... of the original asset purchased."where an allowance by way of investment allowance has been made wholly or partly to an assessee in respect of a ship or an aircraft or any machinery or plant in any assessment year under section 32a and subsequently (b) at any time before the expiry of ten years from the end ..... allowance originally allowed shall be deemed to have been wrongly allowed and the assessing officer may, notwithstanding anything contained in this act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the profit of four years specified .....
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