https://www.taxtmi.com/caselaws?id=209776 The Tribunal held that the appellant, a glass manufacturing company, was not entitled to a deduction under Section 32AB of the Income Tax Act for dividend income from investments in Unit Trust of India (UTI) units. The court emphasized that for such income to be eligible, the investments must be integral to the business activities. As the appellant's UTI investments were separate from its main business and not utilized in the business operations, the income was categorized as from "other sources" and not considered for the deduction. The Income Tax Appeal was dismissed in favor of the department. en-us Mon, 18 Apr 2011 00:00:00 +0530 Sat, 04 Feb 2012 16:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209776 The Tribunal held that the appellant, a glass manufacturing company, was not entitled to a deduction under Section 32AB of the Income Tax Act for dividend income from investments in Unit Trust of India (UTI) units. The court emphasized that for such income to be eligible, the investments must be integral to the business activities. As the appellant's UTI investments were separate from its main business and not utilized in the business operations, the income was categorized as from "other sources" and not considered for the deduction. The Income Tax Appeal was dismissed in favor of the department. Case-Laws Income Tax Mon, 18 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209776