1984 (11) TMI 89

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..... rajan, Judicial Member --- This appeal is directed against an order passed under section 104 of the Income-tax Act, 1961 (' the Act '). The assessee is a private limited company. In the previous year ended 30-6-1977, relevant to the assessment year 1978-79, the assessee had made a book profit of Rs. 24,577. But, after setting off the loss of the previous year amounting to Rs. 30,084, the assessee .....

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..... 04(1). This was confirmed by the Commissioner (Appeals). The Commissioner (Appeals) rejected the contention of the assessee that it was an industrial company and, therefore, section 104 cannot be applied. He also brushed aside the contention that factually the assessee had no distributable income. 2. in the appeal before us, it was contended on behalf of the assessee that when on actual facts th .....

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..... the assessee. Again, gross total income has been defined to mean the total income computed in accordance with the provisions of the Act before making any deduction under Chapter VI-A of the Act. If we follow the letter of these definitions, it would seem that the computation made by the ITO was correct. But we cannot ignore the fact that while determining the gross total income, the ITO has added .....

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