https://www.taxtmi.com/caselaws?id=70139 The Appellate Tribunal ITAT MADRAS-C upheld the Assistant Commissioner of Income Tax's decision in favor of the assessee regarding the allocation of interest and administrative expenses under different heads and the deduction under section 80M on gross dividends versus net dividends for the assessment years 1968-69 to 1971-72. The Tribunal dismissed the Revenue's appeals, affirming the AAC's order to exclude expenses from "other sources" and allow them under "business," in accordance with the Madras High Court's rulings. The Tribunal emphasized the importance of following established legal precedents in tax matters. en-us Thu, 11 Nov 1976 00:00:00 +0530 Thu, 14 Apr 2011 15:33:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70139 The Appellate Tribunal ITAT MADRAS-C upheld the Assistant Commissioner of Income Tax's decision in favor of the assessee regarding the allocation of interest and administrative expenses under different heads and the deduction under section 80M on gross dividends versus net dividends for the assessment years 1968-69 to 1971-72. The Tribunal dismissed the Revenue's appeals, affirming the AAC's order to exclude expenses from "other sources" and allow them under "business," in accordance with the Madras High Court's rulings. The Tribunal emphasized the importance of following established legal precedents in tax matters. Case-Laws Income Tax Thu, 11 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70139