Interpretation of Income-tax Act: Relief under section 80M for net dividends upheld

The High Court of Calcutta held that the assessee is entitled to relief under section 80M of the Income-tax Act, 1961, in respect of the net amount of dividends from domestic companies, not the gross amount, as per section 80AA. The judgment favored the Revenue.

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The High Court of Calcutta ruled that the assessee is entitled to relief under section 80M of the Income-tax Act, 1961, only in respect of the net amount of dividends from domestic companies, not the gross amount. The decision was based on the provisions of section 80AA of the Income-tax Act, 1961. The judgment favored the Revenue.

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