https://www.taxtmi.com/caselaws?id=26519 Section 80AA governed the computation of the section 80M deduction and required it to be based on dividend income as computed under the Income-tax Act, rather than on gross dividend receipts. Because section 80AA was inserted with retrospective effect from 1 April 1968, the deduction for the years in question had to be calculated on net dividend income determined under sections 56 and 57. The result was that section 80M relief was unavailable on the gross dividend amount and was restricted to the computed net dividend income. en-us Mon, 26 Nov 1984 00:00:00 +0530 Fri, 05 Feb 2010 15:38:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26519 Section 80AA governed the computation of the section 80M deduction and required it to be based on dividend income as computed under the Income-tax Act, rather than on gross dividend receipts. Because section 80AA was inserted with retrospective effect from 1 April 1968, the deduction for the years in question had to be calculated on net dividend income determined under sections 56 and 57. The result was that section 80M relief was unavailable on the gross dividend amount and was restricted to the computed net dividend income. Case-Laws Income Tax Mon, 26 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26519