Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The Appellate Tribunal considered a case involving deduction u/s 80M. The assessee received Rs. 37,12,500 dividend from a domestic company and distributed Rs. 30 Lakh to its shareholder. Section 80M(1) allows deduction equal to distributed dividend before the due date. The assessee paid dividend to shareholders before due date u/s 139(1) and filed return on time. Thus, the assessee rightfully claimed deduction u/s 80M of Rs. 30 Lakh. The Tribunal allowed the appeal.
The Appellate Tribunal considered a case involving deduction u/s 80M. The assessee received Rs. 37,12,500 dividend from a domestic company and distributed Rs. 30 Lakh to its shareholder. Section 80M(1) allows deduction equal to distributed dividend before the due date. The assessee paid dividend to shareholders before due date u/s 139(1) and filed return on time. Thus, the assessee rightfully claimed deduction u/s 80M of Rs. 30 Lakh. The Tribunal allowed the appeal.
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