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section 33AB abd 33ABA


Querist : Anonymous (Querist) 28 June 2010

If any amount is withdrawn from the deposit account referred to in section 33AB or 33ABA during the previous year, and it is not utiliesed during the previous year.

So the amount so not utilized shall be taxable as business income of the previous year in which it is withdrawn. Later on the amount (which was not utilized) is utilized for expenditure in subsequent previous year.

Would these expenditure shall be allowed as expenditure or not?

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