https://www.taxtmi.com/caselaws?id=14004 The High Court of Calcutta ruled against the assessee in an application under section 256(1) of the Income-tax Act, 1961. The court held that the assessee, who owned tea gardens in upper Assam, was not eligible for deduction under section 32AB for dividend income received, as the income from dividends did not qualify as income from "business or profession." The court emphasized that the deduction under section 32AB is only applicable to profits from business or profession audited in accordance with the Act, and not from other sources like investments in shares. en-us Wed, 20 Jun 2001 00:00:00 +0530 Mon, 06 Jul 2009 18:43:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14004 The High Court of Calcutta ruled against the assessee in an application under section 256(1) of the Income-tax Act, 1961. The court held that the assessee, who owned tea gardens in upper Assam, was not eligible for deduction under section 32AB for dividend income received, as the income from dividends did not qualify as income from "business or profession." The court emphasized that the deduction under section 32AB is only applicable to profits from business or profession audited in accordance with the Act, and not from other sources like investments in shares. Case-Laws Income Tax Wed, 20 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14004