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The Appellate Tribunal addressed the claim of deduction u/s 32AD for additional investment allowance on an investment made in the financial year 2015-16. The issue arose due to a difference of opinion among the Tribunal members. The Central Government's notification regarding backward areas was a key point of contention. One member upheld the denial of the claim based on the timing of the notification, while another member allowed the deduction for the relevant financial years. The Tribunal ultimately ruled in favor of the assessee, emphasizing that the purpose of section 32AD is to provide a benefit for a period of 5 years, and that the notification should be interpreted liberally in favor of the assessee. The Tribunal concluded that the notification did not override the provisions of section 32AD, and the assessee was entitled to the deduction under the said section.
The Appellate Tribunal addressed the claim of deduction u/s 32AD for additional investment allowance on an investment made in the financial year 2015-16. The issue arose due to a difference of opinion among the Tribunal members. The Central Government's notification regarding backward areas was a key point of contention. One member upheld the denial of the claim based on the timing of the notification, while another member allowed the deduction for the relevant financial years. The Tribunal ultimately ruled in favor of the assessee, emphasizing that the purpose of section 32AD is to provide a benefit for a period of 5 years, and that the notification should be interpreted liberally in favor of the assessee. The Tribunal concluded that the notification did not override the provisions of section 32AD, and the assessee was entitled to the deduction under the said section.
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