M/S J K INDUSTRIES LTD vs. THE JOINT COMMISSIONER OF INCOME TAX

In the result, all questions are answered against the

Bench: D.V.SHYLENDRA KUMAR,B.SREENIVASE GOWDA

VIA can be claimed only from out of the gross total income, computation of which is computation of the profits of the business under the head profits and gains of business or profession, which is a computation in terms of the Act and not necessarily only under Chapter IV of the Act. It is to be followed and therefore

M/S J K INDUSTRIES LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the appeal is dismissed