https://www.taxtmi.com/caselaws?id=13759 The High Court of Madhya Pradesh held that profit from the sale of fixed assets cannot be included in the main business profits for deductions under section 32AB of the Income-tax Act. The Court ruled that only profits directly linked to the business or profession should be considered for such deductions. The decision in Cambay Electric Supply Industrial Co. Ltd. was deemed irrelevant to the case. The Court emphasized that profit from the sale of depreciable assets should be assessed under section 50 for capital gains. The appeal by the Revenue was allowed, overturning the Tribunal's decision and clarifying the proper treatment of profits from asset sales for tax purposes. en-us Fri, 31 Mar 2006 00:00:00 +0530 Thu, 02 Jul 2009 12:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13759 The High Court of Madhya Pradesh held that profit from the sale of fixed assets cannot be included in the main business profits for deductions under section 32AB of the Income-tax Act. The Court ruled that only profits directly linked to the business or profession should be considered for such deductions. The decision in Cambay Electric Supply Industrial Co. Ltd. was deemed irrelevant to the case. The Court emphasized that profit from the sale of depreciable assets should be assessed under section 50 for capital gains. The appeal by the Revenue was allowed, overturning the Tribunal's decision and clarifying the proper treatment of profits from asset sales for tax purposes. Case-Laws Income Tax Fri, 31 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13759