https://www.taxtmi.com/caselaws?id=26766 Section 80M relief could not be computed on gross dividends without first considering expenditure relatable to earning those dividends, because the retrospective insertion of section 80AA with effect from 1 April 1968 displaced the earlier gross-dividend approach. The Court held that the amendment prevented relief being allowed on gross receipts alone. It also noted that the Tribunal had not decided the factual question whether any expenditure, including interest, was actually incurred in earning the dividends, and that this issue would need examination in further proceedings if appropriate relief was sought. en-us Thu, 09 May 1985 00:00:00 +0530 Mon, 08 Feb 2010 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26766 Section 80M relief could not be computed on gross dividends without first considering expenditure relatable to earning those dividends, because the retrospective insertion of section 80AA with effect from 1 April 1968 displaced the earlier gross-dividend approach. The Court held that the amendment prevented relief being allowed on gross receipts alone. It also noted that the Tribunal had not decided the factual question whether any expenditure, including interest, was actually incurred in earning the dividends, and that this issue would need examination in further proceedings if appropriate relief was sought. Case-Laws Income Tax Thu, 09 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26766