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2012 (11) TMI 851 - HC - Income TaxDividend declared on the units of U.T.I. after purchase of the units by the assessee but before their registration in the name of the assessee as the transferee, accrued to the assessee though an unregistered purchaser - held that:- Units of the UTI not being shares, do not attract Sec 8 of the Act - decided in favour of Revenue. Disallowing the entirety of the expenditure of foreign tour of Rs. 83,54,857/-, overruling the allowance by the CIT (Appeals) of Rs. 41,92,429/- being 50% thereof and in disregard of its own order for such allowance under similar circumstances in the past - held that:- In regard to previous judgement in assessee's own case issue is decided in favour of Revenue - appeal dismissed against assessee. Decision in THE PEERLESS GENERAL FINANCE & INVESTMENT CO LTD Versus COMMISSIONER OF INCOME TAX, WB-I, KOLKATA [2012 (10) TMI 896 - CALCUTTA HIGH COURT] followed.
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