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of <h1>Deduction under Section 80M allowed on net dividends, Karnataka HC rules</h1> <h3>Commissioner of Income tax, Karnataka – III, Bangalore Versus Canara Bank</h3> The Karnataka HC held that deduction u/s 80M is allowable on net dividends, not gross dividends, as per the Income Tax Act. The tribunal's decision in ... - The Karnataka High Court ruled that deduction u/s 80M is allowable on net dividends, not gross dividends, in accordance with the Income Tax Act. The tribunal's decision in favor of the revenue was upheld, and the case was disposed of with this ruling.
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