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2006 (5) TMI 67 - HC - Income TaxElectricity charges for electricity consumed are a known expenditure to the assessee and the assessee, on the basis of average, could make a provision for this expenditure for every year of assessment even if no bill is received in a particular year of assessment. - assessee has failed to claim this expenditure in the earlier assessment year, and if the assessee, has failed to discharge this duty of providing for a known expenditure, the assessee cannot claim the same expenditure in the subsequent assessment years. - Section 80M of the Income-tax Act requires that the dividend should have been distributed before the due date for filing of returns under section 139(1) of the Act. If this requirement of law is not complied with and a mere resolution is passed declaring the dividend that would not satisfy the requirement under section 80M for claiming deduction. No deeming provision can be introduced into the section and the section cannot be interpreted to say that if dividend has been declared or a resolution has been passed, deduction under section 80M should be given.
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