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2004 (7) TMI 36 - HC - Income TaxAssessing Officer noticed that the respondent-company had received share of income from two trusts – In addition to the income from the trusts, the assessee had its own income from other sources including dividend - Assessee claimed deduction u/s 80M in respect of dividend income received by it directly and also share of dividend received from the two trusts. - AO allowed the claim for deduction only in respect of dividend received by the assessee-company directly – assessee's claim that the share of dividend received from the trusts continued to retain its character as dividend income in the hands of the assessee, is accepted – assessee is entitled to claim deduction u/s 80M
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