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<h1>Assessee entitled to deduction under section 80M for gross dividend income</h1> The High Court of Madras held that the assessee-company is entitled to deduction under section 80M of the Income-tax Act, 1961, on the gross dividend ... Deductions From Total Income The High Court of Madras ruled that the assessee-company is eligible for deduction under section 80M of the Income-tax Act, 1961, on the gross dividend income. The court interpreted 'gross total income' liberally based on previous decisions and dismissed the tax case in favor of the assessee.