9911796707
TMI Blog1997 (7) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... J.---The assessee is an Indian company registered under the Companies Act, 1956. During the assessment year 1982-83, it had derived income from the business carried on both in India as well as outside India, including Malaysia. It was subjected to assessment under section 143(3) of the Income-tax Act, 1961 (in short " the Act "), whereunder its claim for deduction on account of dividend paid on pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he first question is concerned, references have been made in identical terms for the earlier two years, namely, 1980-81 and 1981-82 in I. T. R. C. Nos. 90 and 91 of 1994 (Kirloskar Electric Co. Ltd. v. CIT (No. 1) [1997] 228 ITR 674), which we have heard and disposed of this day, answering the question against the company by holding that the company is not entitled to claim deduction on account of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ope of total income and sub-section (1) thereof reads thus : " (1) Subject to the provisions of this Act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which--- (a) is received or is deemed to be received in India in such year by or on behalf of such person ; or (b) accrues or arises or is deemed to accrue or arise to him ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the company in Malaysia on the profits which had accrued to it in that country is not liable to be deducted for computing the taxable income under the provisions of the Act. The reason is that the section in unambiguous terms states that for computing the income chargeable under the head " Profits and gains of business ", the sums paid on account of tax levied on profits or gains of any business ..... X X X X Extracts X X X X X X X X Extracts X X X X
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