1984 (11) TMI 14 - HC - Income Tax

Summary

The High Court of Calcutta ruled in a case regarding deduction under section 80M of the Income-tax Act. The court held that the deduction should be allowed on the net dividend income as per sections 56 and 57, not on the gross dividend. The court referred to section 80AA and ruled in favor of the Revenue. The decision may be subject to any future judgment by the Supreme Court in a related case. No costs were awarded.