https://www.taxtmi.com/caselaws?id=71576 The Tribunal upheld the CIT (Appeals) decision to allow the assessee's claim for deduction under section 32AB, emphasizing that the statute focuses on the utilization of the amount for machinery purchase during the previous year, not the actual purchase timing. The advance payment made by the assessee was considered as utilization for machinery purchase, meeting the statutory requirements for the deduction. The Tribunal dismissed the appeal and cross objection, finding no grounds for interference with the lower authorities' decisions. en-us Tue, 16 May 2000 00:00:00 +0530 Mon, 25 Apr 2011 17:20:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71576 The Tribunal upheld the CIT (Appeals) decision to allow the assessee's claim for deduction under section 32AB, emphasizing that the statute focuses on the utilization of the amount for machinery purchase during the previous year, not the actual purchase timing. The advance payment made by the assessee was considered as utilization for machinery purchase, meeting the statutory requirements for the deduction. The Tribunal dismissed the appeal and cross objection, finding no grounds for interference with the lower authorities' decisions. Case-Laws Income Tax Tue, 16 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71576