https://www.taxtmi.com/caselaws?id=71516 The Tribunal upheld the decision of the CIT(A) in dismissing the appeal of the assessee regarding the deduction under section 32AB related to deposits with IDBI. It was ruled that the deposit must be made from income chargeable to tax under the head 'Profits and gains of business or profession', which was not fulfilled as the business income was negative, disqualifying the assessee from claiming the deduction. The Tribunal emphasized that the conditions of sub-section (1) must be met, and rejected the argument that sub-section (3) should apply even with negative income under the specified head. en-us Tue, 20 Aug 1996 00:00:00 +0530 Mon, 25 Apr 2011 13:43:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71516 The Tribunal upheld the decision of the CIT(A) in dismissing the appeal of the assessee regarding the deduction under section 32AB related to deposits with IDBI. It was ruled that the deposit must be made from income chargeable to tax under the head 'Profits and gains of business or profession', which was not fulfilled as the business income was negative, disqualifying the assessee from claiming the deduction. The Tribunal emphasized that the conditions of sub-section (1) must be met, and rejected the argument that sub-section (3) should apply even with negative income under the specified head. Case-Laws Income Tax Tue, 20 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71516