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2004 (6) TMI 23 - KERALA HIGH COURTDeduction u/s 32AB - Investment Deposit Account - Tribunal took the view that under section 32AB for the purpose of deduction of 20 per cent, profit, only the income from business or profession should be taken into account, while in the other three cases, the Income-tax Appellate Tribunal has taken the opposite view and held that any income which is included in the profit and loss account under Parts II and III of Schedule VI to the Companies Act has to be taken into account - We are of the view that the income from “eligible business” including the income from all the sources except those which are exempted has to be taken into consideration. In the above view, every income which is computed under the Companies Act has to be taken into consideration.
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