Tea Development Account deduction limited to deposits or a percentage of profits, subject to audit and restrictive withdrawal rules. Section 33AB creates a Tea Development Account allowing growers/manufacturers of tea to deduct deposits made into a NABARD special account under a Tea Board-approved scheme, limited to deposits or twenty percent of business profits, whichever is less; the deduction requires audited accounts and prescribed audit report, is non-repeatable for the same deposit and not separately allowable to partners, and is subject to restricted withdrawals, specified disallowed uses, deemed income on certain withdrawals or non utilisation, and clawback on asset transfers within eight years, with limited exceptions and a power for the Central Government to rescind the deduction.
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.
Provisions expressly mentioned in the judgment/order text.
Tea Development Account deduction limited to deposits or a percentage of profits, subject to audit and restrictive withdrawal rules.
Section 33AB creates a Tea Development Account allowing growers/manufacturers of tea to deduct deposits made into a NABARD special account under a Tea Board-approved scheme, limited to deposits or twenty percent of business profits, whichever is less; the deduction requires audited accounts and prescribed audit report, is non-repeatable for the same deposit and not separately allowable to partners, and is subject to restricted withdrawals, specified disallowed uses, deemed income on certain withdrawals or non utilisation, and clawback on asset transfers within eight years, with limited exceptions and a power for the Central Government to rescind the deduction.
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