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2001 (2) TMI 21 - HC - Income TaxAssessment By Intimation, Powers Of Assessing Officer - "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in upholding the decision of the learned Commissioner of Income-tax (Appeals), directing the Assessing Officer to allow deduction under section 32AB? - 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in holding that the issue of claim under section 32AB of the Act is debatable even though the provisions of sections 32A(8C) and 32AB(10) of the Act are very clear and these provisions have been further clarified by Circular No. 559, dated May 4, 1990 of the Central Board of Direct Taxes?" - This is apart from the fact that as a result of regular assessment which would necessarily follow on objection being raised to adjustments under section 143(1)(a) or 143(1B), the claim of the assessee under section 32AB has been accepted by the Commissioner of Income-tax (Appeals) in regular assessment proceedings, that only remain binding. As such the issue in our opinion, is otherwise academic. This application, therefore, fails and is hereby rejected
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