TaxTMI 
TaxTMI 
2006 (7) TMI 137
X X X X Extracts X X X X
X X X X Extracts X X X X
....ns of law: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in directing the Assessing Officer not to deduct income-tax refunds of earlier years from the book profits in computing the deduction under section 32AB? 2. Whether, the Tribunal is correct in law in holding that the income-tax refunds for earlier years are required to b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....,809. An unsuccessful appeal was filed and thereafter the matter was taken to the Tribunal. Before the Tribunal, additional grounds were raised by the assessee with regard to the applicability of section 32AB. The Tribunal by a detailed order has chosen to give a direction to the Assessing Officer not to deduct the amount of Rs. 1,65,25,550 from the book profits. In the light of this order, the Re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ly perused the material on record. Section 32AB provides for investment deposit account. Section 32AB provides for total income chargeable to tax under the head "Profits and gains of business or profession". Sub-section (3) provides for the profits of business or profession of an assessee for the purposes of sub-section (1). In the case on hand, additional grounds have been raised and it was perm....