https://www.taxtmi.com/caselaws?id=209776 Dividend income from UTI units was not treated as profits of an eligible business for deduction under Section 32AB of the Income-tax Act, 1961. The accounts showed the dividend as income from other sources, and the units were held for earning dividend rather than as part of a business of buying and selling units. In the absence of material showing that the investment activity was carried on as a business or that the dividend income was applied in the manufacturing business, the factual basis required to treat it as business profit was missing. The deduction was therefore not available. 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 Dividend income from UTI units was not treated as profits of an eligible business for deduction under Section 32AB of the Income-tax Act, 1961. The accounts showed the dividend as income from other sources, and the units were held for earning dividend rather than as part of a business of buying and selling units. In the absence of material showing that the investment activity was carried on as a business or that the dividend income was applied in the manufacturing business, the factual basis required to treat it as business profit was missing. The deduction was therefore not available. Case-Laws Income Tax Mon, 18 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209776