Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (1) TMI 60 - HC - Income TaxWhether, for computing the profits in terms of section 32AB(3), the income by way of dividends, interest on securities, property income, which is treated as business income under the provisions of Parts II and III of Schedule VI to the Companies Act, 1956, is to be excluded and deducted under the said section is not to be allowed with reference thereto? – We answer this question in the negative in favour of the assessee - Whether the petitioner can be considered as a “trading company” within the meaning of the Finance Act, 1989, and Finance Act, 1990?" - assessee had claimed itself to be a non-trading company in order to avail of the benefit of reduced rate of income-tax - Held that money-lending business or receiving the interest or trade advance or trade debts would not change the characteristics of the company from a non-trading to a trading company – So this question is answered in negative and in favor of assessee
|