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2004 (10) TMI 47 - HC - Income TaxDeduction under section 80M – dividend income - The assessee also, in addition to their banking business derives income from dividend, i.e., income from other sources as defined under section 56 – Since, in this case, the taxing authorities have not taken into consideration the actual expenditure incurred by the assessee while earning the dividend, but have only proceeded to take notional expenditure, the same cannot be held to be sustainable in law. - Tribunal was not right in confirming the order of the lower authorities and was further not right in holding that the expenditure at 10 paise per Rs. 100 of dividend income be taken for deduction under section 80M
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