https://www.taxtmi.com/caselaws?id=211866 The High Court held that the advance payment of Rs. 15,55,875 for the purchase of machinery qualifies as an amount utilized for the purchase of machinery under Section 32AB of the Income Tax Act. The court agreed with the ITAT's decision, emphasizing that such advance payments are eligible for deductions under Section 32AB, aligning with the legislative intent and differing from the previous provision under Section 32A. The judgment favored the assessee, allowing the deduction for the advance payment. en-us Tue, 22 Feb 2011 00:00:00 +0530 Tue, 27 Mar 2012 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211866 The High Court held that the advance payment of Rs. 15,55,875 for the purchase of machinery qualifies as an amount utilized for the purchase of machinery under Section 32AB of the Income Tax Act. The court agreed with the ITAT's decision, emphasizing that such advance payments are eligible for deductions under Section 32AB, aligning with the legislative intent and differing from the previous provision under Section 32A. The judgment favored the assessee, allowing the deduction for the advance payment. Case-Laws Income Tax Tue, 22 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211866