Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2003 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (4) TMI 49 - HC - Income TaxClaim for relief under section 80M on the dividends - gross dividend or net dividend – Held that deduction under section 80M has to be calculated with reference to the amount of interest computed in accordance with the provisions of the Act after deducting interest on monies borrowed for earning such income and not with reference to the full amount of dividend received by the assessee - "Whether the Department was entitled to import the rule of proportionate expenditure and interest contemplated by section 20 of the Act as it then stood into section 80M of the Act ?" - Our answer to this question is in favour of the assessee-bank and against the Department
|