https://www.taxtmi.com/caselaws?id=14768 The High Court ruled in favor of the assessee, ordering the deletion of the addition to closing stock on account of Modvat credit. Regarding the claim under section 32AB for advance payment on machinery, the Court upheld the claim, emphasizing that the advance constituted utilization under section 32AB, even if the machinery was delivered in a subsequent year. The Court clarified that income from the current year could be utilized for the purchase of machinery to qualify for the deduction. Ultimately, the Court dismissed the appeal, allowing the assessee to claim the benefit under section 32AB with no order as to costs. en-us Fri, 08 Sep 2000 00:00:00 +0530 Sat, 18 Jul 2009 15:24:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14768 The High Court ruled in favor of the assessee, ordering the deletion of the addition to closing stock on account of Modvat credit. Regarding the claim under section 32AB for advance payment on machinery, the Court upheld the claim, emphasizing that the advance constituted utilization under section 32AB, even if the machinery was delivered in a subsequent year. The Court clarified that income from the current year could be utilized for the purchase of machinery to qualify for the deduction. Ultimately, the Court dismissed the appeal, allowing the assessee to claim the benefit under section 32AB with no order as to costs. Case-Laws Income Tax Fri, 08 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14768