https://www.taxtmi.com/caselaws?id=16403 Deduction under s. 80M(1) of the Income-tax Act, 1961, for intercorporate dividends was held to be computable only on the dividend income as "included in the gross total income", i.e., dividend as computed under the Act after allowing deductions such as interest paid on monies borrowed to acquire shares and earn such dividend. Relying on SC authority, the HC held that the assessee's status as a share dealer did not permit computation of s. 80M deduction on the gross dividend received without first reducing the relevant interest expenditure. The reference was answered against the assessee and in favour of the Revenue. en-us Wed, 25 Nov 1998 00:00:00 +0530 Thu, 18 Dec 2025 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16403 Deduction under s. 80M(1) of the Income-tax Act, 1961, for intercorporate dividends was held to be computable only on the dividend income as "included in the gross total income", i.e., dividend as computed under the Act after allowing deductions such as interest paid on monies borrowed to acquire shares and earn such dividend. Relying on SC authority, the HC held that the assessee's status as a share dealer did not permit computation of s. 80M deduction on the gross dividend received without first reducing the relevant interest expenditure. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 25 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16403