https://www.taxtmi.com/caselaws?id=9255 The court determined that the deduction under section 85A of the Income-tax Act, 1961, should be computed on the net dividend income, not the gross dividend income. The court concluded that "total income" refers to the net amount after deducting expenses incurred to earn the dividends. The reference was answered in favor of the revenue, with the respondent-assessee responsible for the costs of the Commissioner. The court found that previous decisions cited by the assessee were not applicable due to differing legislative contexts. The reference was disposed of accordingly. en-us Wed, 28 Nov 1973 00:00:00 +0530 Sun, 22 Dec 2024 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9255 The court determined that the deduction under section 85A of the Income-tax Act, 1961, should be computed on the net dividend income, not the gross dividend income. The court concluded that "total income" refers to the net amount after deducting expenses incurred to earn the dividends. The reference was answered in favor of the revenue, with the respondent-assessee responsible for the costs of the Commissioner. The court found that previous decisions cited by the assessee were not applicable due to differing legislative contexts. The reference was disposed of accordingly. Case-Laws Income Tax Wed, 28 Nov 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9255