https://www.taxtmi.com/caselaws?id=180481 The High Court of Calcutta ruled in favor of the assessee-company in a case involving the interpretation of deduction under section 80M of the Income-tax Act, 1961. The Court held that in cases where dividend income has no outgoing, the gross dividend should not be reduced to net dividend. The Tribunal's decision to uphold the Commissioner's order to recompute the unabsorbed deduction under section 80M for each year was affirmed, rejecting the revenue's argument to treat dividend income separately. Justice Sengupta supported this decision, emphasizing against creating additional fictions for income and expenditure classification. en-us Fri, 02 Jul 1993 00:00:00 +0530 Sat, 26 Mar 2016 10:24:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180481 The High Court of Calcutta ruled in favor of the assessee-company in a case involving the interpretation of deduction under section 80M of the Income-tax Act, 1961. The Court held that in cases where dividend income has no outgoing, the gross dividend should not be reduced to net dividend. The Tribunal's decision to uphold the Commissioner's order to recompute the unabsorbed deduction under section 80M for each year was affirmed, rejecting the revenue's argument to treat dividend income separately. Justice Sengupta supported this decision, emphasizing against creating additional fictions for income and expenditure classification. Case-Laws Income Tax Fri, 02 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180481