https://www.taxtmi.com/caselaws?id=374366 The High Court ruled in favor of the assessee, holding that deductions under Section 80M of the Income Tax Act are allowed for inter-corporate dividends received from a domestic company if distributed before the due date for filing the return of income. The Court rejected the Commissioner's revision of assessment under Section 263, emphasizing that imposing new conditions on statutory provisions is impermissible. Additionally, the Court confirmed that dividends declared in earlier years but paid out in the current year, as well as dividends declared before Section 80M enactment but paid out after, are eligible for deduction if distributed timely. en-us Mon, 26 Nov 2018 00:00:00 +0530 Wed, 30 Jan 2019 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374366 The High Court ruled in favor of the assessee, holding that deductions under Section 80M of the Income Tax Act are allowed for inter-corporate dividends received from a domestic company if distributed before the due date for filing the return of income. The Court rejected the Commissioner's revision of assessment under Section 263, emphasizing that imposing new conditions on statutory provisions is impermissible. Additionally, the Court confirmed that dividends declared in earlier years but paid out in the current year, as well as dividends declared before Section 80M enactment but paid out after, are eligible for deduction if distributed timely. Case-Laws Income Tax Mon, 26 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374366