2004 (9) TMI 9

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..... nue by framing the question of law as follows: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in directing deduction of the interest and expenditure from the business income also without recording a finding that the assessee is also a dealer in shares and a portion of the interest and expenditure are attributable to the business income?" The case of th .....

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..... m shares by way of dividend though for the purpose of computation of total income has to be shown separately under other sources, the deduction of expenditure should be made only against the business income and not against the net dividend income derived by the appellant." So, it is clinching that the case of the Department as well as the assessee is that the assessee is a dealer in shares. When t .....

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..... end. The Tribunal in its order has categorically held that the deduction under section 80M should be allowed on the net dividend after deduction of the interest on the capital borrowed for investment and not on the gross amount of dividend. Hence, on both the above grounds, the question of law framed that without there being any finding as to whether the assessee-company is dealing in shares, the .....

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