- (1.) This is a reference under Section 256(1) of the Income-tax Act, 1961. The single question referred to us is as follows : "Whether, on the facts and in the circumstances of the case and on a proper interpretation of Section 32AB(1)(b) of the Income-tax Act, the Tribunal was right in law in holding that the assessee was entitled to the investment deposit allowance of Rs. 6,54,637 ?"
(2.) The issue which fell for decision by the Tribunal was this, that, if the asses-see utilises a certain amount of money out of the assessee's business profits, in a certain assessment year, for purchase of new machinery, but actually does not get the said machinery installed and used in the very same assessment year, is the assessee still entitled to deduction ?
(3.) 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 . . .";