TMI Blog2002 (8) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,54,637?" - The Tribunal has correctly opined, that there are no additional words, in the said section, or sub-section, requiring further that the assessee utilise, or install, the said machinery also, so as to qualify for getting the deduction. - we find nothing wrong in law in the order of the Tribunal. The question is accordingly answered in the affirmative and in favour of the assessee. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee still entitled to deduction? On an interpretation of the wording of section 32AB, the Tribunal has come to the conclusion, that sub-section (1)(b) of the said section merely requires that the assessee has, out of the assessee's business income, utilised any amount during the previous year for the purchase of any ... new machinery or plant..." The Tribunal has correctly opined, that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of one previous year is left unused for the purpose of acquiring the new machinery, because the machinery cannot be got installed in that previous year exactly, then the previous year will pass, and the assessee will not be able to have the benefit of the investment allowance under section 32AB, sub-section (1) at all. On behalf of the Department Mr. Dutta argued that in case the investment al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... machinery directly from the seller to a third party in a subsequent previous year, even then, the claims for deduction of the assessee are not vitiated, as section 32AB, sub-section (7), looks after the situation, and an appropriate part relatable to the claimed deduction is added to the assessee's business income in the subsequent previous year, when the machinery is passed on to the third party. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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