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2004 (9) TMI 90 - HC - Income TaxEligibility of deduction u/s 32AB - whether the income derived under the head "Income from business or profession" only would be eligible for deduction u/s 32AB(1)(ii) or this deduction would be allowable on the income of the eligible business contemplated under s.s. (3) of section 32AB. - Tribunal had held against the assessee that the income derived under the head "Profits and gains of business or profession" only would be eligible – Held that the income as computed under Parts II and III of the 1956 Act in respect of the income out of the eligible business would be the basis on which this deduction is allowed irrespective of the fact as to under what head a particular income will fall for the purpose of computation of income under the 1961 Act.
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