Utilisation of Investment Deposit Account funds: allowed for new business assets and loan repayment, subject to withdrawal and utilisation conditions. Allows an assessee to use amounts in an Investment Deposit Account, or income without deposit, for purchase of new business assets (ships, aircraft, machinery, plant, computers) or repayment of specified term loans; withdrawals require application in Form 'D' at prescribed intervals, a prior minimum balance in the account for a qualifying period, credit to a designated account by the deposit office, utilisation within a set working-day period, and refund of unutilised sums to the Development Bank whereupon they are treated as fresh deposits.
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.
Utilisation of Investment Deposit Account funds: allowed for new business assets and loan repayment, subject to withdrawal and utilisation conditions.
Allows an assessee to use amounts in an Investment Deposit Account, or income without deposit, for purchase of new business assets (ships, aircraft, machinery, plant, computers) or repayment of specified term loans; withdrawals require application in Form 'D' at prescribed intervals, a prior minimum balance in the account for a qualifying period, credit to a designated account by the deposit office, utilisation within a set working-day period, and refund of unutilised sums to the Development Bank whereupon they are treated as fresh deposits.
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