TMI Blog2004 (7) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... d income in the hands of the assessee, is accepted – assessee is entitled to claim deduction u/s 80M - - - - - Dated:- 22-7-2004 - Judge(s) : N. K. SUD., ADARSH KUMAR GOEL JUDGMENT The judgment of the court was delivered by N.K. Sud J. - This order will dispose 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 assessment proceedings, the Assessing Officer noticed that the respondent-company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt in CIT v. Indian Iron and Steel Co. Ltd. [1985] 156 ITR 314. Aggrieved by the order of the Commissioner of Income-tax (Appeals), the Revenue preferred an appeal before the Tribunal which has been dismissed vide the impugned order dated November 17, 1999, and the findings of the Commissioner of Income-tax (Appeals) affirmed. Hence, this appeal. Mr. A.S. Tewatia, learned counsel for the Revenue, has strongly relied 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the assessee also had to be apportioned under various heads and if that is done, it is not in dispute that the deductions claimed by the assessee would fall under the head "Dividend". Prior to this, when a partner was assessable in respect of the share of income from the firm, a similar provision existed in the statute in terms of section 67. In the said provision also, sub-section (2) provided that the share of the partner in the income or loss of the firm, as computed for the purposes of assessment has to be apportioned in the same manner in which the income or 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 provi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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