https://www.taxtmi.com/caselaws?id=27988 The court held that the petitioner-company is entitled to apply for a determination under Section 197(3) to ascertain the appropriate proportion of the dividend deductible under Section 80K. The Income Tax Officer (ITO) must make this determination based on the company's entitlement to deductions under Section 80J and the shareholders' entitlement under Section 80K. The court emphasized the ITO's obligation to act in accordance with the prevailing legal position until any contrary decision by the Supreme Court. Failure by the ITO to make this determination would constitute a failure to exercise jurisdiction and perform statutory duties. The court refrained from determining specific deduction amounts under Section 80J and directed the ITO to determine the tax deductibility from dividends payable to shareholders and the appropriate proportion. en-us Fri, 15 Jul 1983 00:00:00 +0530 Wed, 17 Feb 2010 12:31:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27988 The court held that the petitioner-company is entitled to apply for a determination under Section 197(3) to ascertain the appropriate proportion of the dividend deductible under Section 80K. The Income Tax Officer (ITO) must make this determination based on the company's entitlement to deductions under Section 80J and the shareholders' entitlement under Section 80K. The court emphasized the ITO's obligation to act in accordance with the prevailing legal position until any contrary decision by the Supreme Court. Failure by the ITO to make this determination would constitute a failure to exercise jurisdiction and perform statutory duties. The court refrained from determining specific deduction amounts under Section 80J and directed the ITO to determine the tax deductibility from dividends payable to shareholders and the appropriate proportion. Case-Laws Income Tax Fri, 15 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27988