ASST COMMISSIONER OF INCOME TAX Vs. INDIA CEMENTS LTD
INCOME TAX APPELLATE TRIBUNAL
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T.R. Sood, Accountant Member -
(1.) THIS appeal by the Assessee is directed against the order of the CIT(Appeals) dated 30.12.2004 for the above Asst. Year. In this appeal, the Revenue has taken the following ground:
1. The CIT(Appeals) erred in holding that the Assessee is entitled for relief under Section 80-I to the extent of Gross total income of Rs. 9.89 crores.
(2.) The CIT(Appeals) erred in concluding that deduction under Section 80I of the I.T. Act should be restricted not to the profits and gains of business but to the Gross total income which includes income from other sources.
The CIT(Appeals) erred in concluding that the components of the Gross Total Income cannot be examined for limiting deduction under Section 80-I of the IT. Act.
(3.) THE CIT(Appeals) failed to appreciate that when a particular item of income cannot be considered for computing deduction under Section 80-1 of the I.T. Act, the same cannot be considered for limiting the deduction under the said section.;
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