2004 (7) TMI 21

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..... ceived on temporary deposits with scheduled banks, interest received on deposit for allotment of Maruti car and dividend received from the company are to be excluded while computing the income from eligible business under section 32AB – revenue’s appeal stands dismissed - - - - - Dated:- 12-7-2004 - Judge(s) : P. D. DINAKARAN., N. KANNADASAN. JUDGMENT The judgment of the court was delivere .....

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..... re the Commissioner of Income-tax (Appeals), who held that the Assessing Officer has acted upon the direction issued by the Commissioner of Income-tax under section 263 of the Income-tax Act. Accordingly, the Commissioner of Income Tax (Appeals) partly allowed the appeal for the assessment year 1988-89, against which the assessee preferred an appeal before the Income-tax Appellate Tribunal for the .....

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..... s from the end of the previous year or before furnishing the return of his income, whichever is earlier. That incentive is also available if the assessee utilises any amount during the previous year for the purchase of any new machinery or plant, etc., without depositing any amount in the deposit account with the development bank. The benefit is given by way of deduction, such deduction being allo .....

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