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2014 (11) TMI 555 - BOMBAY HIGH COURTEntitlement for deduction u/s 80M - Whether the Tribunal is justified in holding that the assessee is entitled for deduction u/s 80M without appreciating the fact that assessee was not eligible for deduction u/s 80M in view of the provisions contained in Section 115-O(1) and 115-O(5) – Held that:- There was no justification for an argument of the Revenue that Section 80M having been deleted from the statute book and with effect from 1st April, 2004 the Commissioner and the Tribunal would not have taken any note thereof nor a judgment of this Court in the case of Godrej Agrovet Ltd. vs. Deputy Commissioner of Income Tax & Another [2010 (2) TMI 27 - BOMBAY HIGH COURT] - The Commissioner found himself to be bound by the Judgment and equally the Tribunal - the Assessee received dividend from domestic companies and he had paid dividend on 13th August, 2003 namely before the due date of filing of return of income i.e. 31st October, 2003 - Hence, he satisfied the twin conditions stipulated by section 80M - The deletion of section 80M of the Income Tax Act, 1961 or its omission by the Finance Act with effect from 1st April, 2004 and the substitution of section 115-O by the Finance Act, 2003 with effect from 1st April, 2003 has not been confused by the Tribunal and particularly in relation to its applicability - the order of the Tribunal is upheld as no substantial question of law arises for consideration – Decided against revenue.
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