https://www.taxtmi.com/caselaws?id=14391 The High Court of Madras clarified that deductions under section 80M of the Income-tax Act, 1961 for a dealer in shares are based on computed dividend income after deducting expenses related to earning dividends. The court emphasized that interest on borrowings for share investments should be deducted under section 57(iii) before calculating the section 80M deduction. Relief under section 80M should be granted on the net dividend amount after deducting interest and expenses. The case was remanded for reassessment of the interest deduction to ensure accurate computation. en-us Wed, 20 Dec 2000 00:00:00 +0530 Wed, 15 Jul 2009 15:52:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14391 The High Court of Madras clarified that deductions under section 80M of the Income-tax Act, 1961 for a dealer in shares are based on computed dividend income after deducting expenses related to earning dividends. The court emphasized that interest on borrowings for share investments should be deducted under section 57(iii) before calculating the section 80M deduction. Relief under section 80M should be granted on the net dividend amount after deducting interest and expenses. The case was remanded for reassessment of the interest deduction to ensure accurate computation. Case-Laws Income Tax Wed, 20 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14391