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2011 (4) TMI 778 - HC - Income TaxUnder section 32AB – Deduction in respect of dividend income - Held that:- the investment by the assessee in the units of UTI was not the business of the assessee - The dividend income received from those shares was not treated by the assessee as income from business or profession, nor could it be treated as income from business or profession - The income was not applied in the main business of the assessee and thus the Tribunal rightly concluded that the assessee was not entitled to deduction in respect of dividend income under Section 32AB of the Act - Hence the appeal is decided against the assessee and in favour of the department.
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