https://www.taxtmi.com/caselaws?id=9564 The High Court upheld the deletion of the addition to closing stock on account of Modvat credit, citing a Supreme Court precedent. Regarding the inclusion of income from various sources in eligible profits for deduction under section 32AB, the Court ruled in favor of the assessee. The Court determined that the income derived from an investment in UTI qualified as part of the assessee's 'eligible business,' thus should be included in computing profits eligible for deduction under section 32AB. The appeal was dismissed, affirming that income from interest, rent, dividend, and profit on the sale of toothpaste should be considered in the eligible profits for deduction under section 32AB. en-us Fri, 23 Apr 2004 00:00:00 +0530 Sat, 27 Jun 2009 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9564 The High Court upheld the deletion of the addition to closing stock on account of Modvat credit, citing a Supreme Court precedent. Regarding the inclusion of income from various sources in eligible profits for deduction under section 32AB, the Court ruled in favor of the assessee. The Court determined that the income derived from an investment in UTI qualified as part of the assessee's 'eligible business,' thus should be included in computing profits eligible for deduction under section 32AB. The appeal was dismissed, affirming that income from interest, rent, dividend, and profit on the sale of toothpaste should be considered in the eligible profits for deduction under section 32AB. Case-Laws Income Tax Fri, 23 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9564