TMI Blog2001 (2) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act are very clear and these provisions have been further clarified by Circular No. 559, dated May 4, 1990 of the Central Board of Direct Taxes?" - This is apart from the fact that as a result of regular assessment which would necessarily follow on objection being raised to adjustments under section 143(1)(a) or 143(1B), the claim of the assessee under section 32AB has been accepted by the Commissioner of Income-tax (Appeals) in regular assessment proceedings, that only remain binding. As such the issue in our opinion, is otherwise academic. This application, therefore, fails and is hereby rejected - - - - - Dated:- 20-2-2001 - Judge(s) : RAJESH BALIA., SUNIL KUMAR GARG. JUDGMENT The judgment of the court was delivered by RA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed the deduction on account of investment allowance under section 32AB of the Act amounting to Rs.61,454. Thereafter, the assessee filed a revised return under section 139(5) of the Act wherein the claim of deduction of Rs.4,00,118 in respect of "investment deposit account" was made under section 32AB, which envisages that where any amount is deposited in an account maintained by him with the Development Bank before the expiry of six months from the end of the previous year or before furnishing the return of his income, whichever is earlier or utilised any amount during the previous year for the purchase of any new ship, new aircraft, new machinery or plant, without depositing any amount in the deposit account under clause (a), in acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rima facie the assessee's claim does not appear to have any merit. Secondly, there was an option for the assessee either to claim investment allowance or to claim deduction under section 32AB in respect of eligible machinery installed during the previous year and the investment made therein or the amounts deposited with prescribed institutions under that section. The assessee having opted to claim investment allowance in the original return which was duly processed under section 143(1)(a) and accepted. The assessee lost his right of claiming benefit of deduction under section 32AB through revised return of the income. Lastly, when the claim of investment allowance under section 32A has been decided through intimation served on the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arising out of the appellate's order of the Tribunal to this court was refused by the Tribunal. Having heard the learned counsel for the Revenue, the order of the Tribunal rejecting the application under section 256(1) cannot be held to be erroneous. A perusal of section 143(1B) provides clear answer to the reasons adopted by the Assessing Officer in rejecting the claim of the assessee under section 32AB on the basis of the revised return. Sub-section (1B) of section 143 reads as under: "Sub-section (1B). Where an assessee furnishes a revised return under sub-section (5) of section 139 after the issue of an intimation, or the grant of refund, if any, under sub-section (1) of this section, the provisions of sub-sections (1) and (1A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed return has been submitted after the original return has resulted in intimation under sub-section (1)(a) of section 143. On the face of it, the issue about the claim for deduction under section 32AB could not have been made subject of adjustment solely on the ground of it being claimed as a revision of the original return. Otherwise there is no dispute about the finding reached by the Commissioner of Income-tax (Appeals) that otherwise all the conditions of section 32AB are fulfilled by the assessee to claim under section 32AB makes it clearly a case of debatable claim which could not have been prima facie decided by it by way of section 143(1)(a) as well as under section 143(1B). It has also been informed by learned counsel that in fu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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