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Punjab State Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)292ITR268(Chd.)

..... the high court, that since section 66 required the computation of the total income by including all income on which no income-tax was payable under chapter vii, the income on which no income-tax was payable by a co-operative society under section 81(i)(d) falling in chapter vii had to be necessarily included in its total income. ..... the head 'income from other sources', no deduction in respect of any expenditure or allowance in connection with such income shall be allowed under any provision of this act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature, whatsoever: provided that ..... forms a partof the concerned assessee is to be computed and according to the parenthetical clause, which contains the key words, the same is to be computed in accordance with the provisions of the act except section 80e and since in this case it is income from business, the same will have to be computed in accordance with sections 30 to 43a which would include section 32(2) (which provides for ..... abandoned projects is credited to the miscellaneous income in the year of actual receipt ..... again omitted by the finance act, 2003 w.e.f 1st april, 2004 as the dividend income ..... 2004) 84 itj (kol) 143 : (2004 ..... (2004) 84 ttj (kol) 143 : (2004) 89 itd 44 (kol) wherein the tribunal has examined decisions of the supreme court and the various high courts and held that the .....