2002 (9) TMI 30 - HC - Income Tax

Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee was not entitled to deduction under section 32AB on the ground that he was not doing the eligible business or carrying on profession but the firm was carrying on the eligible business and hence was allowed deduction under section 32AB. - The question is answered in favour of the Revenue and against the assessee.

Summary

The High Court of Madras ruled that the assessee was not entitled to deduction under section 32AB as the firm was carrying on the eligible business. The court found no error in the Tribunal's decision and ruled in favor of the Revenue.