https://www.taxtmi.com/caselaws?id=11446 The High Court ruled in favor of the assessee in a case involving the interpretation of section 32AB of the Income-tax Act. The Court held that the exclusion of interest on securities, dividends, and rents by the Assessing Officer in profit calculations was incorrect. It emphasized that all income components, including dividend, interest, and rents, must be considered in profit calculations as per the Sixth Schedule to the Companies Act. The Court directed a reassessment of the interest levy under section 216 based on revised estimations provided by the assessee, highlighting the importance of adhering to the Companies Act for accurate profit calculations. en-us Mon, 17 Nov 2003 00:00:00 +0530 Mon, 10 Aug 2009 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11446 The High Court ruled in favor of the assessee in a case involving the interpretation of section 32AB of the Income-tax Act. The Court held that the exclusion of interest on securities, dividends, and rents by the Assessing Officer in profit calculations was incorrect. It emphasized that all income components, including dividend, interest, and rents, must be considered in profit calculations as per the Sixth Schedule to the Companies Act. The Court directed a reassessment of the interest levy under section 216 based on revised estimations provided by the assessee, highlighting the importance of adhering to the Companies Act for accurate profit calculations. Case-Laws Income Tax Mon, 17 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11446