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2008 (11) TMI 93 - HC - Income TaxDeduction of amount credited to reserve account – held that to claim deduction it is not required that the amount credited to reserve account has to be income earned from shipping business – assessee should have operation of ships as its main object - claim for deduction u/s 33AC disallowed on ground that assessee is not engaged in the shipping business, is not justified –– amendment to section 33AC came w.e.f. 1.4.96 is not clarificatory/retrospective, hence not applicable to instant case
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