TMI Blog2001 (3) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... the following question set out at page 2 of the paper book for the opinion of this court : "Whether, on the facts of the case though the assessee was only a partner of a firm to which the dividend arose on the shares held by the firm, the Tribunal was correct in law in holding that the assessee (a partner) would be entitled to deduction under section 80M of the Incometax-Act, 1961, on account o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come from "other sources". While assessing this dividend income, the Income-tax Officer did not allow deduction under section 80M of the Act taking the view that the shares were owned by the partnership firm and not by the assessee-company. In appeal before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) has also confirmed the view taken by the Income-tax Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dividend income, through the trust is entitled for section 80M deduction on the same analogy, a partner on dividend income, through a firm, should also be entitled for the deduction under section 80M of the Act. Learned counsel for the Revenue has not controverted these facts referred. In CIT v. Indian Iron and Steel Co. Ltd. [1985] 156 ITR 314, in the concluding paragraph, this court has observ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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