2000 (8) TMI 272 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Pune allowed the appeal of a Scheduled Bank, directing the Assessing Officer to allow a deduction of Rs. 16,00,932 under section 32AB for Safe Deposit Lockers installed in a segregated strong room, not part of the office premises. The Tribunal found that the lockers were installed in compliance with guidelines and supported by previous court decisions. The appeal was allowed.