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2005 (10) TMI 52 - HC - Income TaxBusiness expenditure - "1. Whether the Income-tax Appellate Tribunal failed to appreciate that assuming while denying that the sum of Rs. 3,36,148 represented a contingent liability, the same having been determined scientifically and accurately was a legitimate deduction in the computation of the appellant's business income? 2. Whether the Tribunal erred in its interpretation of section 32AB of the Act and particularly sub-sections (1) and (3) thereof?" - 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 - held that the view taken by the Tribunal relating to deduction under section 32AB with regard to income from interest, rent and dividend would fall within the meaning of "eligible business" was correct - hold that business income earned by the appellant forming part of interest, rent and dividend would fall in "eligible business" under section 32AB – question answered in favour of assessee
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