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2010 (10) TMI 859 - HC - Income TaxIncome distributed by PNB Mutual Fund - whether deduction u/s 80-M allowed - Held that:- A bare reading of provision of Sec 80M clearly spells out that where the gross total income of an assessee which is a domestic company in any previous year includes any income by way of dividends from another domestic company, the assessee shall be entitled to deduction of such dividend from its income as does not exceed the amount of dividend distributed by such domestic company. Thus, the assessee is entitled to deduction when it receives dividend income from another domestic company. As in the present case, neither the income received from PNB Mutual Fund can be termed as dividend income nor can the said fund be categorized as the domestic company within the meaning of Section 80M the question of law is answered against the assessee.
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