Investment deposit account deduction for deposits or new asset acquisition, subject to audit, lock in, and income recapture on misuse. Section 32AB permits a deduction for amounts deposited in a Development Bank deposit account or utilised for acquisition of qualifying new ships, ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Investment deposit account deduction for deposits or new asset acquisition, subject to audit, lock in, and income recapture on misuse.
Section 32AB permits a deduction for amounts deposited in a Development Bank deposit account or utilised for acquisition of qualifying new ships, aircraft, machinery or plant under a prescribed scheme, limited to the amounts deposited/ utilised or twenty percent of audited profits, whichever is less. The deduction is subject to specified exclusions, an audit-report filing requirement, a five-year lock-in on withdrawals except in listed events, deeming provisions for non utilisation or premature withdrawal, and recapture on disposal of assets within eight years; the Central Government may modify applicability by notification.
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