https://www.taxtmi.com/acts?id=3548 Section 32AB permits a deduction for amounts deposited in a Development Bank deposit account or utilised for acquisition of qualifying new ships, aircraft, machinery or plant under a prescribed scheme, limited to the amounts deposited/ utilised or twenty percent of audited profits, whichever is less. The deduction is subject to specified exclusions, an audit-report filing requirement, a five-year lock-in on withdrawals except in listed events, deeming provisions for non utilisation or premature withdrawal, and recapture on disposal of assets within eight years; the Central Government may modify applicability by notification. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 12:44:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3548 Section 32AB permits a deduction for amounts deposited in a Development Bank deposit account or utilised for acquisition of qualifying new ships, aircraft, machinery or plant under a prescribed scheme, limited to the amounts deposited/ utilised or twenty percent of audited profits, whichever is less. The deduction is subject to specified exclusions, an audit-report filing requirement, a five-year lock-in on withdrawals except in listed events, deeming provisions for non utilisation or premature withdrawal, and recapture on disposal of assets within eight years; the Central Government may modify applicability by notification. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3548