9911796707
TMI Blog1987 (11) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... be applied even though the assessment was made after the receipt of such instructions ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in holding that the percentage of deduction under section 36(1)(viii) of the Income-tax Act, 1961, should be applied before the deduction and not after the deduction ? 3. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in holding that for the purpose of disallowance of perquisites under section 40A(5) of the Income-tax Act, 1961, cash allowances should not be included ? 4. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of a Financial Corporation or a Joint Financial Corporation established under the State Financial Corporations Act, 1951 (63 of 1951 ), or an institution deemed under section 46 of that Act to be Financial Corporation established by the State Government for the State within the meaning of that Act, forty per cent., (b) in the case of any other financial corporation, (i) where the paid-up share capital of the corporation does not exceed three crores of rupees, twenty-five per cent., (ii) where the paid-up share capital of the corporation exceeds three crores of rupees, ten per cent., of the total income (computed before making any deduction under Chapter VI-A) carried to such reserve account: Provided that the corporation is, for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... culars of the Board. Learned counsel for the Revenue has placed reliance on the definition of "total income" in section 2(45) of the Act and contended that for the purpose of giving any deduction, the income as computed in accordance with the Act alone will have to be taken into account, that is, after giving effect to the deduction mentioned in this section and he supported the calculation adopted by the Income-tax Officer. He has not been able to cite any authority in support of this contention. According to learned counsel for the assessee, the definition in section 2(45) will have to be read in the context of the language used in the present section. Instead of adopting circuitous method, a simple deduction calculated at 40 per cent. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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