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2009 (10) TMI 578 - AT - Income TaxDeduction u/s 80M - the learned DR referred to the assessment order for the asst. yr. 1994-95 and pointed out that the assessee had conceded before the AO for restriction and, therefore, the assessee cannot be said to be aggrieved by the order of the assessment order - The learned counsel for the assessee submitted even if dividend income was classified as business income, deduction under s. 80M could not be denied as there is no such restriction in s. 80M of the Act - Deduction under s. 80M has to be allowed on the gross dividend and not on the net dividend after apportioning the interest expenses and management expenses - On the basis of majority view, AO is directed to allow the deduction under s. 80M of the Act on net basis in respect of dividend from UTI and on gross basis in respect of dividend from other shares – Appeal is partly allowed
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