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2017 (5) TMI 428 - HC - Income TaxEligibility to claim deduction under Section 80HHD(1)- preemptive utilization of the reverse - whether Income Tax Appellate Tribunal was justified in holding that there was a preemptive utilization of the reverse and, therefore, the appellant was not eligible to claim deduction under Section 80HHD(1) - Held that:- The sub-clause (4) is very clearly. The reserve of the previous year as shown on 31st March 1999 can be utilised for the benefit of Section 80HHD and reserved amount for the current year cannot be utilised for the same year. It has to be utilised in the subsequent year and before the expiry of the period of five years and sub-clause (4) contemplates for non utilization of reserve fund which can be taxed only on completion of five years of the assessment year. Therefore, the view taken by the Tribunal is just and proper. - Decided against the assessee.
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