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2005 (10) TMI 70 - HC - Income TaxDeduction under section 32AB - "Whether, Tribunal was right in law in confirming the findings of the Commissioner (Appeals) in directing the Assessing Officer to allow deduction under section 32AB to the tune of Rs. 88,44,445 on the basis of profits earned by the assessee from its paper division alone, without considering the loss of the agro unit?" - We make it clear that in the present case, we are concerned with the provisions of section 32AB as it stood prior to the amendment of section 32AB with effect from April 1, 1991. - As per section 32AB of the Act as it stood at the relevant time, in our opinion, deduction at the rate of 20 per cent, from the profits of the paper division had to be determined under section 32AB(3)(a) of the Act without setting off the loss suffered by the agro division.
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