Section 32AB of the Income Tax Act

M/S. India Cine Agencies vs. Commissioner of Income Tax, Madras

Bench: 2 Judges

CIT vs. Madhu Silk Textiles

Deepak Nitrite Limited vs. Commissioner of Income Tax

The Commissioner of Incometax vs. The Mathrubhumi Printing & Publishing

S.A.Builders Ltd vs. Commnr.of Income Tax (Appeals), Chan &Anr

M/S.Apollo Tyres Ltd vs. C.I.T., Kochi, Kerala

Bench: The High Court, In These Appeals, Based On The Arguments Addressed Before Us, We Are Mainly Concerned With The Following Three Questions : (I) Can An Assessing Officer While Assessing A Company For Income Tax Under Section 115-J Of The Income Tax Act Question The Correctness Of The Profit & Loss Account Prepared By The Assessee Company & Certified By The Statutory Auditors Of The Company As Having Been Prepared In Accordance With The Requirements Of Parts Ii & Iii Of Schedule Vi To The Companies Act ? (Ii) Whether The Dividend Income Earned By The Assessee Company From Its Investment Made In The Units Of Unit Trust Of India, Can Be Included In Computing The Profit Of The Eligible Business Under Section 32Ab Of The Income Tax Act ? (Iii) Whether The Business Of Buying & Selling Of Units Of Unit Trust Of India By The Assessee Company Amounts To A Speculation Business Or Not, For The Purpose Of Allowing Set Off As To The Loss Suffered By The Company In Such A Business ? Brief Facts Necessary For The Disposal Of First Of The Above Questions Are As Follows : The Assessee Company While Determining Its Net Profit