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2004 (4) TMI 6 - HC - Income Tax"1. Whether Tribunal was justified in deleting addition made to the closing stock on account of Modvat credit? 2. Whether Tribunal, was justified in holding that income from interest, rent, dividend and profit on sale of toothpaste should be included in the eligible profits for working out deduction allowable under section 32AB?" - dividend income earned by the assessee-company from its investment in the UTI should be included in computing the profits of eligible business under section 32AB - Revenue did not venture to demonstrate that the business of the assessee falls under the type of business enumerated in sub-clauses (a) and (b) of section 32AB(2). Accordingly, the Tribunal's view relating to deduction under section 32AB with regard to income from interest, rent, dividend and profit on sale of toothpaste that they fall within the meaning of "eligible business" cannot be faulted
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