https://www.taxtmi.com/caselaws?id=24184 The High Court clarified the interpretation of section 80M of the Income-tax Act, ruling that the deduction should be based on the amount of dividend forming part of the gross total income, not the full amount received by the assessee. The Court emphasized the need to consider statutory provisions and judicial interpretations, highlighting that the deduction under section 80M should be calculated in accordance with the Act. The judgment underscores the importance of addressing all relevant aspects, including the deduction of interest paid on borrowed funds from business income, to determine the relief available to the assessee. The Court's decision favored the Revenue, requiring further examination by the Tribunal. en-us Wed, 08 Feb 1989 00:00:00 +0530 Mon, 18 Jan 2010 12:47:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24184 The High Court clarified the interpretation of section 80M of the Income-tax Act, ruling that the deduction should be based on the amount of dividend forming part of the gross total income, not the full amount received by the assessee. The Court emphasized the need to consider statutory provisions and judicial interpretations, highlighting that the deduction under section 80M should be calculated in accordance with the Act. The judgment underscores the importance of addressing all relevant aspects, including the deduction of interest paid on borrowed funds from business income, to determine the relief available to the assessee. The Court's decision favored the Revenue, requiring further examination by the Tribunal. Case-Laws Income Tax Wed, 08 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24184