Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2006 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2006 (7) TMI 128 - HC - Income TaxDeduction allowable under sub-clause (ii) of clause (b) of section 32AB(1) - "Whether, Tribunal was right in holding that the profits of eligible business computed in accordance with the requirements of Parts II and III of Schedule VI to the Companies Act, 1956, should be reduced by income from coffee sales, areca nut sales, rent receipts, interest and subsidy from Tea Board for the purpose of computing the deduction allowable under sub-clause (ii) of clause (b) of section 32AB(1)?" – we hold that the assessee is not entitled to deduction of the rent income, interest income and sundry receipts income as profits of eligible business or profession for computing the deduction under section 32AB.
|