https://www.taxtmi.com/caselaws?id=187081 The Bombay High Court ruled in favor of the appellant regarding the deduction claim under section 32AB of the Income-tax Act for the assessment year 1988-89. The Court held that the advance payment for the purchase of plant and machinery constituted utilization in the year of advance, making the deduction admissible. Emphasizing the necessity for the purchase to be from income of eligible business and actual payments to the supplier, the Court differentiated between sections 32A and 32AB. Ultimately, the Court dismissed the appeal, supporting the appellant's position on the interpretation and utilization requirements of section 32AB. en-us Thu, 27 Mar 2008 00:00:00 +0530 Sat, 08 Oct 2016 12:48:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187081 The Bombay High Court ruled in favor of the appellant regarding the deduction claim under section 32AB of the Income-tax Act for the assessment year 1988-89. The Court held that the advance payment for the purchase of plant and machinery constituted utilization in the year of advance, making the deduction admissible. Emphasizing the necessity for the purchase to be from income of eligible business and actual payments to the supplier, the Court differentiated between sections 32A and 32AB. Ultimately, the Court dismissed the appeal, supporting the appellant's position on the interpretation and utilization requirements of section 32AB. Case-Laws Income Tax Thu, 27 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187081