1985 (5) TMI 11 - HC - Income Tax

Summary

The High Court of Delhi held that relief under section 80M should be allowed with reference to gross dividends without considering related expenditure. The court noted an amendment to the Income-tax Act and stated that if the new provision is held ultra vires, the assessee can seek review. The court also mentioned that the deduction from gross dividend for expenditure must be determined by the Tribunal.