2002 (8) TMI 77

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.... 1961. The single question referred to us is as follows: "Whether, on the facts and in the circumstances of the case and on a proper interpretation of section 32AB(1)(b) of the Income-tax Act, the Tribunal was right in law in holding that the assessee was entitled to the investment deposit allowance of Rs. 6,54,637?" The issue which fell for decision by the Tribunal was this, that, if the as....

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.... as to qualify for getting the deduction. We are of the opinion that the Tribunal has correctly interpreted the section in this regard. Dr. Pal, for the assessee, cites a Division Bench decision of the Bombay High Court given in the case of CIT v. Antifriction Bearings Corporation Ltd. [2000] 246 ITR 295, where the Division Bench was pleased to hold that if a certain amount of advance is spe....

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....pose of claiming deduction and never bother about the installation of the machinery at all. If the facts disclose any fraudulent dealing like the above, by the assessee, i.e., the money is sent only for claiming deduction, and it is got back underhand and below the table, from the seller at another time, then, no doubt the section has no application. But these are not the facts here. On the oth....