https://www.taxtmi.com/caselaws?id=277215 The Tribunal concluded that for the computation of deduction under Section 80M of the IT Act, proportionate administrative expenses should be deducted from dividend income. Interest on borrowed money used for business purposes was deductible under Section 36(1)(iii). Guest house rent was disallowed as business expenditure, while project survey expenses were treated as revenue expenditure. Profits from the sale of shares were classified as capital gains. Business promotion and staff welfare expenses were allowed as revenue expenditures. The Tribunal's decision on Section 80M was based on a majority view, allowing deduction of proportionate expenses when dividend income is incidental to business activities. en-us Mon, 24 Apr 2006 00:00:00 +0530 Tue, 12 Mar 2024 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277215 The Tribunal concluded that for the computation of deduction under Section 80M of the IT Act, proportionate administrative expenses should be deducted from dividend income. Interest on borrowed money used for business purposes was deductible under Section 36(1)(iii). Guest house rent was disallowed as business expenditure, while project survey expenses were treated as revenue expenditure. Profits from the sale of shares were classified as capital gains. Business promotion and staff welfare expenses were allowed as revenue expenditures. The Tribunal's decision on Section 80M was based on a majority view, allowing deduction of proportionate expenses when dividend income is incidental to business activities. Case-Laws Income Tax Mon, 24 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277215