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2008 (2) TMI 426 - SC - Income TaxWhether Tribunal was justified in holding that dividend income earned by the Assessee amounting to Rs. 21,35,766 from a company called Pan Century Edible Oils SDN, BHD, Malaysia is not liable to be taxed in the hands of Assessee in India under any of the provisions of the IT Act? - Whether In view of s. 5(1)(c) of the IT Act, the finding recorded by the Tribunal that income earned out of dividend from the Company outside the country is not liable to be taxed under the Act? Whether Tribunal was justified in law in recording a finding on an issue which was not raised by the assessee either before the AO or before the CIT(A) but was raised for the first time before the Tribunal and that too in an appeal filed by the Department? Whether the Tribunal having dismissed the cross objection filed by the assessee was justified in then proceeding to decide the issue raised by the assessee on merits in their favour? Held that:- The point involved in these appeals stands concluded in favour of the assessee and against the revenue by the decision of the Madras High Court in CIT vs. VR. S.R.M. Firm & Ors. [1994 (3) TMI 71 - MADRAS High Court] which was duly affirmed by this Court in the case of CIT vs. P.V.A.L. Kulandagan Chettiar (Dead) Through LRs [2004 (5) TMI 8 - SUPREME Court] were in held that dividend income derived by the assessee from a company in Malaysia is not liable to be taxed in the hands of the assessee in India under any of the provisions of the Act. In favour of assessee.
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