9911796707
TMI Blog2004 (7) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... ose of six appeals, viz., I.T.A. Nos. 38, 39, 44, 48, 54 and 81 of 2001, involving common questions of law and facts. Since arguments were advanced in I.T.A. No. 39 of 2001, the facts have been taken from the same. The assessee is a private limited company. It filed its return of income for the assessment year 1989-90 declaring an income of Rs. 1,93,810 on December 28, 1989. During the course of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of dividend received by the assessee-company directly. In respect of the dividend received from the trusts, it was held that the same was not in the nature of dividend income but income from the trusts and, therefore, the same did not qualify for deduction under section 80M of the Act. The assessee preferred an appeal before the Commissioner of Income-tax (Appeals), who vide his order date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied on the contentions raised by the Revenue before the Tribunal. He states that the shares held by the trusts were not in the name of the assessee, therefore, it could not be said that the assessee had earned the income from dividend from another domestic company which is an essential requirement for claiming deduction under section 80M of the Act. Mr. Akshay Bhan, learned counsel for the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the income or loss of the association or body, as computed under sub-section (1) shall, for the purposes of assessment, be apportioned under the various heads of income in the same manner in which the income or loss of the association or body has been determined under each head of income." A plain reading of the above shows that the share of a member in the income or loss of the association or b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss of the firm had been determined under each head of income. The Bombay High Court in the case of Gopalkrishna M. Singre [1995] 214 ITR 443 has interpreted the said provision in the same manner in the context of the share of a partner in the firm. The other authorities relied upon by the assessee also directly cover the issue in his favour. In view of the above, we are satisfied that the view ..... X X X X Extracts X X X X X X X X Extracts X X X X
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