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2012 (7) TMI 655 - ITAT MUMBAIPayment of interest on investment in equity shares - deduction u/s 36(1)(iii) - held that:- It is evident from the referred record that the assessee was having interest free funds available more than investments in question. - it is clear that the assessee had sufficient interest free funds. - AO directed to allow the interest as claimed. Deduction u/s 10B - Aemendment - 9th year of claim. - unexpired period of ten consecutive AYs. - whether in the light of the amended provisions of sec. 10B, the assessee who started manufacturing in the year 1994, availed first tax rebate benefit in the year 1997-98 is entitled for getting the deduction in the AY in hand i.e. 2005-06. - held that:- the first part of the legislation cannot be read in isolation. The entire stature or provision has to be read or referred conjointly. A word here or clause there cannot be relied on by excluding the entire provision. Ten consecutive Assessment Years start from Assessment Year relevant to the previous year in which the undertaking begins manufacture / production. The assessee herein commenced its production on 1.1.1994. We observe that said period of ‘ten Assessment Years’ can’t cover the Assessment Year in hand which is in fact the 12th Assessment Year from the date of manufacturing. - Decided against the assessee.
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