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Sukhjit Starch and Chemicals Ltd. Vs. Deputy Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2004)85TTJ(Asr.)218

1. These two appeals by the assessee emanate from the common order passed by the CIT(A) on 14th July, 1995, in relation to asst. yrs.1989-90 and 1990-91. Since common issues are involved in these appeals, we are, therefore, proceeding to dispose them of by this consolidated order for the sake of convenience.2. The first ground of the assessee's appeal deals with the computation of deduction under Section 32AB. The facts apropos of this issue are that the AO, in the course of assessment proceedings under Section 143(3), noted that the net profit declared by the assessee included the following incomes :(i) Income from sale of fixed assets Rs. 4,50,802(ii) Interest earned Rs. 5,17,611(iii) Dividend income Rs. 2,56,650(iv) Rent received Rs. 69,600 After discussing nature of the abovereferred items, it was opined that the profit on sale of fixed assets was relatable to the eligible business. However, dividend income, interest income and rental income to the tune of Rs. 2,56,650, Rs. 3,68,1...