TMI Blog2019 (1) TMI 155X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the assessee, merely for the fact that the same was not shown in the profit. The deduction which is permissible under the Act could not have been disallowed. We affirm the concurrent findings of the first appellate authority and the Tribunal on Question No.3 and it stands answered in favour of the assessee and against the Revenue. - I. T. R. No. 309 of 1999 - - - Dated:- 27-11-2018 - MR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he same business? ii) holding that the buying and selling of units is not speculation business and that the profit of ₹ 12,17,441/- was a business profit and that it cannot be treated as a speculation profit? 2. Holding that the amount of deduction under section 80HHC should be worked out on the basis of book profits even though as per sub-section 3 of section 80 HHC, this has to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... right in holding:- i) in computing 20% of the eligible profits, the income from Unit Trust of India (dividends and profits or loss on the sale of units) should also be considered along with other income? ii) two activities of the assessee have to be considered as forming part of the same business? iii)as both the activities constituted the same business, which is an eligible i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,72,43,385/- from the revaluation reserve account and adjusted the depreciation arising in the said year. In fact, this should have been shown in the profit and loss accounts as a profit, which the assessee did not; but, however, adjusted to depreciation, which has the same effect. In fact, if the assessee had added on the said amounts to the profit, then under Section 115J [Minimum Alternate Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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