Section 33ab

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Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2014 Sir,
I want to ask that in 33AB(3),it has been said that in case of closure of business or dissolution of partnership firm etc.,amt withdrawn from deposit a/c or any other specified a/c shall not be chargeable to tax but
in again 33AB(5),it has been said that amt withdrawn in any previous year for the reasons specified in 33AB(3)(a) to 33AB(3)(d) shall deemed to be PGBP.

sir, i felt all ths very conflicting.
Please solve my above query.

Amol S Joglekar

Amol S Joglekar (Expert)

07 November 2014 what is the conflict? Why do you feel it to be contradictory? Try to read it with context in stead of actual words..or literaligis.
01. Closure of business....taxable
02. Dissolution of firm...taxable

In other cases it is NOT taxable....Now, come on, tell me your confusion, i will try to answer it with reference to context. ok?

Querist : Anonymous

Querist : Anonymous (Querist)

07 November 2014 Sir,can u plz explain me the entire concept of 33AB(3) and 33AB(5) in your own lang.

Plz....bcoz i think i am getting confused in the law language.

Thanks in advance.

Amol S Joglekar

Amol S Joglekar (Expert)

07 November 2014 I tried to do the same thing but it seems that you are getting confused with the ACTUAL meaning of words....I am asking you to go by context and not the literaligis....
So what I request is you ask your doubts and i will be in a better position to explain.

Let me put it this way...? Are you of the opinion that Closure of Business includes Licquidation of Company? If that is your confusion...i should say.. YOU ARE RIGHT. But my dear, that is why I am saying read with context and not the words.
Licquidation of Company is also one type of closure of business...but out of all closure of businesses, licquidation of company is NOT taxable.....Your query please..

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