1979 (5) TMI 2 - SC - Income Tax

Interpretation of ss. 85A and 80M - whether rebate is admissible on the actual amount of dividend received by an assessee or it is confined only to the dividend income as computed in accordance with the provisions of the Act, that is, after making the deductions specified in s. 57 including deduction of the interest paid on borrowings for making the investments - deduction is allowable u/s 80M with reference to the full amount of dividends and not net dividend income