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2003 (1) TMI 65 - GUJARAT HIGH COURT"(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in withdrawing rehabilitation allowance granted by the Commissioner of Income-tax (Appeals) under section 33B of the Income-tax Act, 1961, in respect of the properties which were extensively damaged ? - The Tribunal was not right in withdrawing the entire rehabilitation allowance of Rs. 26,910 granted by the Commissioner of Income-tax (Appeals) under section 33B without working out the amount of deduction on the basis of the formula, namely, the written down value minus the "moneys payable" and "scrap value", if any, as contemplated by section 32(1)(iii) of the Income tax Act, 1961, which was applicable even in respect of the assets extensively damaged leading to discontinuance of business under section 33B, for ascertaining the rehabilitation allowance of 60 per cent. of the amount of deduction so worked out.
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