https://www.taxtmi.com/caselaws?id=372990 The Tribunal held that the business in the purchase and sale of units and the business in the manufacture and sale of tyres constitute one and the same business. The deduction under section 80HHC should be based on book profits. The amount withdrawn from the revaluation reserve account for adjusting depreciation should be allowed while computing book profits. Dividend income should be excluded in computing profits of eligible business under section 32AB. The income from Unit Trust of India should be considered in computing eligible profits, and the two activities of the assessee constitute the same business. All issues were decided in favor of the assessee. en-us Tue, 27 Nov 2018 00:00:00 +0530 Fri, 04 Jan 2019 06:41:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372990 The Tribunal held that the business in the purchase and sale of units and the business in the manufacture and sale of tyres constitute one and the same business. The deduction under section 80HHC should be based on book profits. The amount withdrawn from the revaluation reserve account for adjusting depreciation should be allowed while computing book profits. Dividend income should be excluded in computing profits of eligible business under section 32AB. The income from Unit Trust of India should be considered in computing eligible profits, and the two activities of the assessee constitute the same business. All issues were decided in favor of the assessee. Case-Laws Income Tax Tue, 27 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372990