Law:

Section:

Section 32AB of the Income-tax Act, 1961 - Investment deposit account Where assessee maintaining its accounts as per mercantile system of accounting had purchased two machineries through bills dated 30-7-1988 and 15-12-1988 but payments therefor were made in subsequent assessment year, in view of section 43(2), assessee was entitled to benefits under section 32AB in assessment year 1989-90 [A.Y. 1989-90]. Where the assessee maintaining its accounts as per the mercantile system of accounting had purchased two machineries through bills dated 30-7-1988 and 15-12-1988 but payments therefor were made in subsequent assessment year, in view of section 43(2) the assessee was entitled to the benefits under section 32AB in the assessment year 1989-90. JUDGMENT This is an appeal under section 260A of the Income-tax Act, 1961, on behalf of the Department against the order dated May 6, 1999, passed by the Income-tax Appellate Tribunal, Agra Bench, Agra, in I.T.A. No. 4747(Delhi) of 1991. The assessment year involved is 1989-90. The assessee is maintaining its accounts in the mercantile system of accounting. It has purchased two machineries worth Rs. 3,35,806. The purchases were made through, bills dated July 30, 1988 and December 15, 1988. The machinery purchased through bill dated December 15, 1988,…

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