https://www.taxtmi.com/caselaws?id=32459 The court held that the assessee was entitled to a deduction under section 33AC of the Income Tax Act for the Assessment Year 1994-95. The court found that the original section did not require actual operation of ships for the deduction and that the amendment effective from 1st April 1996 was not applicable retrospectively. The court concluded that the assessee fulfilled the conditions of section 33AC as it stood in 1994-95 by entering into agreements for the purchase of ships in the relevant year. The appeal was allowed in favor of the assessee, granting the deduction. en-us Mon, 17 Nov 2008 00:00:00 +0530 Wed, 25 Feb 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32459 The court held that the assessee was entitled to a deduction under section 33AC of the Income Tax Act for the Assessment Year 1994-95. The court found that the original section did not require actual operation of ships for the deduction and that the amendment effective from 1st April 1996 was not applicable retrospectively. The court concluded that the assessee fulfilled the conditions of section 33AC as it stood in 1994-95 by entering into agreements for the purchase of ships in the relevant year. The appeal was allowed in favor of the assessee, granting the deduction. Case-Laws Income Tax Mon, 17 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32459