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TMI Blog2004 (4) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... profits for working out deduction allowable under section 32AB?" - dividend income earned by the assessee-company from its investment in the UTI should be included in computing the profits of eligible business under section 32AB - Revenue did not venture to demonstrate that the business of the assessee falls under the type of business enumerated in sub-clauses (a) and (b) of section 32AB(2). Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest, rent, dividend and profit on sale of toothpaste should be included in the eligible profits for working out deduction allowable under section 32AB of the Income-tax Act, 1961?" As regards proposed question No. 1 learned counsel for the Revenue fairly conceded that the controversy stands concluded by the judgment of the Supreme Court in the case of CIT v. Indo Nippon Chemicals Co. Ltd. [2003 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss as computed in the accounts of the assessee which account has been audited in accordance with sub-section (5) of section 32AB. The dispute in the present case is in regard to the question whether the assessee's investment in the UTI is business, and if so, is it a business which qualifies to be an 'eligible business' under section 32AB? In regard to the first aspect, we must note that the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the type of business enumerated in sub-clauses (a) and (b) of section 32AB(2). It is nobody's case that this business of the assessee-company is one of those businesses which fall under business enumerated in sub-clauses (a) and (b) of sub-section (2) of section 32AB. Therefore, there is no doubt that the business of the assessee-company is an eligible business. The fact that it is shown under a d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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