https://www.taxtmi.com/caselaws?id=4205 An assessee maintaining mercantile accounts was treated as entitled to deduction under section 32AB for machinery purchased during the relevant year, even though payment was made in the subsequent year. The Tribunal relied on the finding that the machinery was acquired during the year under consideration and applied section 43(2) to support eligibility on a mercantile basis. No manifest error of law was shown in that reasoning, so the deduction under section 32AB was sustained and the Revenue's challenge failed. en-us Mon, 27 Aug 2007 00:00:00 +0530 Sat, 26 Jul 2008 13:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4205 An assessee maintaining mercantile accounts was treated as entitled to deduction under section 32AB for machinery purchased during the relevant year, even though payment was made in the subsequent year. The Tribunal relied on the finding that the machinery was acquired during the year under consideration and applied section 43(2) to support eligibility on a mercantile basis. No manifest error of law was shown in that reasoning, so the deduction under section 32AB was sustained and the Revenue's challenge failed. Case-Laws Income Tax Mon, 27 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4205