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TMI Blog2024 (6) TMI 518X X X X Extracts X X X X X X X X Extracts X X X X ..... UBEY, JUDICIAL MEMBER: This appeal filed by the assessee pertaining to the Assessment Year (in short 'AY') 2021-22 is directed against the order passed u/s 250 of the Income Tax Act, 1961 (in short the 'Act') by ld. Commissioner of Income-tax (Appeals)-NFAC, Delhi [in short ld. 'CIT(A)'] dated 30.10.2023 arising out of the assessment order framed u/s 154 of the Act dated 16.01.2023. 2. In order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is now in appeal before this Tribunal. 4. Ld. Counsel for the assessee challenges the impugned order by submitting that the order passed by the ld. CIT(A) is arbitrary, erroneous and without going over the Act. Hence, he prayed to set aside the order of ld. CIT(A). He has also drawn the attention of the Tribunal to Section 80M of the Act. 5. On the other hand, ld. D/R opposes the contention an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vious year includes any income by way of dividends from any other domestic company or a foreign company or a business trust, there shall, in accordance with and subject to the provisions of this section, be allowed in computing the total income of such domestic company, a deduction of an amount equal to so much of the amount of income by way of dividends received from such other domestic company o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M. Deduction in respect of certain inter-corporate dividends.-(1) Where the gross total income of a domestic company, in any previous year, includes any income by way of dividends from another domestic company, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of such domestic company, a deduction of an amount equal to so much ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 30 Lakh to its shareholder. 10. The second part of Section 80M(1) of the Act states that in the year in which the dividend was received, the assessee company would be allowed a deduction of an amount equal to and not exceeding the amount of dividend "distributed" on or before the due date. 11. In the present case, dividend was paid to the shareholders of the assessee before due date u/s 139(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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