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TMI Blog2006 (7) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... in law in holding that the income-tax refunds for earlier years are required to be added back for the purpose of allowing deductions under section 32AB(3) is specified and exhaustive not to give scope for addition of refund of income tax of earlier years as such?" - we deem it proper to answer the questions of law raised by the Revenue against the Revenue and in favour of the asses-see. - - - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted in the statement of facts are as under: The assessee had claimed a deduction under section 32AB of the Income-tax Act of a sum of Rs. 4,94,53,038. The assessee had worked out the profits eligible for deduction under section 32AB in a sum of Rs. 24,72,65,191 and had accordingly claimed a deduction of 20 per cent, thereof in its return of income. The Assessing Officer completed the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eard learned counsel for the parties. Learned counsel for the Revenue would argue that the Tribunal is wrong in giving relief to the respondent-assessee in the absence of any factual finding with regard to refund of income-tax in the case on hand. He would read to us para. 18 to say that the factual finding is necessary on the facts and circumstances of this case. Sri Dastur, learned counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he various expressions like "provisions" as appearing in sub-section (3) of section 32AB, one must restrict oneself to only the items specifically considered in the said sub-section. There cannot be any doubt about the fact that the income-tax refunds cannot be considered to be an amount withdrawn from reserves or provisions. Hence we are of the opinion that the contention of the assessee that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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