https://www.taxtmi.com/caselaws?id=371213 The High Court upheld the Tribunal's decision that the assessee's business in the purchase and sale of units and the manufacture and sale of tyres constituted one business. It clarified that the deduction under section 80HHC should be based on book profits. The Court affirmed the allowance of the amount withdrawn from the revaluation reserve account for adjusting depreciation. Additionally, it ruled in favor of excluding dividend income in computing profits under section 32AB and considered income from Unit Trust of India in computing eligible profits as part of the same business. The judgment favored the assessee on all legal questions referred. en-us Mon, 12 Nov 2018 00:00:00 +0530 Fri, 30 Nov 2018 07:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371213 The High Court upheld the Tribunal's decision that the assessee's business in the purchase and sale of units and the manufacture and sale of tyres constituted one business. It clarified that the deduction under section 80HHC should be based on book profits. The Court affirmed the allowance of the amount withdrawn from the revaluation reserve account for adjusting depreciation. Additionally, it ruled in favor of excluding dividend income in computing profits under section 32AB and considered income from Unit Trust of India in computing eligible profits as part of the same business. The judgment favored the assessee on all legal questions referred. Case-Laws Income Tax Mon, 12 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371213