https://www.taxtmi.com/caselaws?id=364254 The High Court allowed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 1997-98. The Court ruled in favor of the appellant, holding that only actual expenses, not notional expenses, should be considered for deduction under Section 80M of the Income Tax Act. The disallowance of stamp duty as an expense allocable to earning dividend income was also overturned, as it was deemed unrelated to dividend income. The Court upheld the appellant's argument that only actual expenses are deductible under Section 80M, leading to a favorable outcome for the appellant on all counts. en-us Mon, 16 Jul 2018 00:00:00 +0530 Wed, 25 Jul 2018 07:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364254 The High Court allowed the appeal challenging the Income Tax Appellate Tribunal's order for Assessment Year 1997-98. The Court ruled in favor of the appellant, holding that only actual expenses, not notional expenses, should be considered for deduction under Section 80M of the Income Tax Act. The disallowance of stamp duty as an expense allocable to earning dividend income was also overturned, as it was deemed unrelated to dividend income. The Court upheld the appellant's argument that only actual expenses are deductible under Section 80M, leading to a favorable outcome for the appellant on all counts. Case-Laws Income Tax Mon, 16 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364254