https://www.taxtmi.com/caselaws?id=220577 The Court upheld that deduction under Section 80M of the Income Tax Act should be based on net dividend income, not gross dividend, and actual expenditure must be considered for determining the deduction. It emphasized the need for accurate calculation of expenses and dismissed the appeals, stating no substantial question of law arose. Additionally, it reiterated that presumptive expenditure cannot be considered under Section 14A without actual expenditure for earning exempt income. en-us Fri, 25 Jan 2013 00:00:00 +0530 Thu, 31 Jan 2013 01:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220577 The Court upheld that deduction under Section 80M of the Income Tax Act should be based on net dividend income, not gross dividend, and actual expenditure must be considered for determining the deduction. It emphasized the need for accurate calculation of expenses and dismissed the appeals, stating no substantial question of law arose. Additionally, it reiterated that presumptive expenditure cannot be considered under Section 14A without actual expenditure for earning exempt income. Case-Laws Income Tax Fri, 25 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220577