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2003 (11) TMI 10 - HC - Income TaxDeduction allowable under section 36(1)(viii) - Intercorporate Dividends - "Whether Tribunal was justified in its computation of gross total income for the purpose of conferral of benefit of section 80M, without deducting the benefit covered under section 36(1)(viii) of the Act from the gross total income as provided under section 80B(5)?" - held that specified percentage of deduction under section 36(1)(viii) should be given on the total income which should be worked before making any deduction under Chapter VI-A of the Act. To that effect, there is a clarificatory circular dated April 15, 1971 - that the finding recorded by the Tribunal is flawless and does not deserve to be interfered with in this appeal. – Revenue’s appeal is dismissed
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