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2005 (9) TMI 50 - HC - Income TaxRelief u/s 80M - "Whether, Tribunal is right in holding that relief under section 80M should be granted without deducting from the gross dividend, the interest paid on overdraft and other expenditure incurred for the purpose of earning the dividend in view of the provisions of section 80AA read with section 80M?" - In the case on hand, the interest on the overdraft and the expenses are related to the business of trading in shares and ought to be allowed as computed income under the head "Business". The said expenses cannot once again be deducted from the dividend income for the limited purpose of computing the deduction under section 80M - There is no statutory provision requiring the Assessing Officer to deduct the same expenses under two different heads of income - we uphold the decision of the Tribunal
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