Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (6) TMI 103 - HC - Income TaxReplantation subsidy received from Tea Board - whether is to be taken into consideration for computing the profits of eligible business for the purpose of determining the deduction under Section 32AB ? - Held that:- In the present case, the Tribunal had found that the assessee was not entitled to deduction under section 32AB in respect of income from house property, dividend income, bank interest and long-term capital gains as these incomes did not form part and parcel of the business carried on by the assesse. It cannot be disputed that all the heads of income which fell for consideration in that case were chargeable to tax. Whereas we are concerned with the income which is not chargeable to tax, therefore, that judgment of Britannia Industries Ltd. [2004 (9) TMI 90 - CALCUTTA High Court] has no manner of application. In any case, the assessee cannot be heard to say that he should be allowed double deduction as held by the Apex Court in the case of Escorts Ltd.(1992 (10) TMI 1 - SUPREME Court). The submission as regards tax effect is also without any substance because the appeal preferred by the Revenue indeed related to other questions as indicated above but the appeal was admitted with regard to this question. Therefore, it cannot be said that even under section 268A and assuming everything in favour of the assessee, the appeal was incompetent going by the circular issued by CBDT, which was in force at the time when the appeal was preferred. - Decided in favour of revenue.
|