https://www.taxtmi.com/caselaws?id=288852 The High Court held that the purchase price of shares should be considered as business expenditure, not deductible from dividend income. The Court clarified that the entire amount received by the assessee from the company should be treated as dividend income without deducting the face value or purchase price of the shares. The assessee was entitled to relief under Section 80M for the dividend received from the company on the reduction of capital, with the relief calculated on the net amount of dividend included in the gross total income. The Court directed the Tribunal to ensure the assessee's entitlement to Section 80M relief. en-us Mon, 04 Dec 1989 00:00:00 +0530 Thu, 02 Jul 2020 16:49:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288852 The High Court held that the purchase price of shares should be considered as business expenditure, not deductible from dividend income. The Court clarified that the entire amount received by the assessee from the company should be treated as dividend income without deducting the face value or purchase price of the shares. The assessee was entitled to relief under Section 80M for the dividend received from the company on the reduction of capital, with the relief calculated on the net amount of dividend included in the gross total income. The Court directed the Tribunal to ensure the assessee's entitlement to Section 80M relief. Case-Laws Income Tax Mon, 04 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288852