https://www.taxtmi.com/caselaws?id=28937 The High Court held that the assessee was entitled to relief under section 85 of the Income Tax Act for dividends received from companies exempt under section 84, irrespective of deficits or interest payments on shares in other companies. The Court emphasized that relief should be based on the full dividend amount paid by exempt companies, rejecting the Revenue's argument that relief should not be granted in case of dividend income resulting in a loss. The Court upheld the Tribunal's decision, ruling in favor of the assessee and awarding costs. en-us Fri, 13 Nov 1981 00:00:00 +0530 Mon, 08 Mar 2010 17:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28937 The High Court held that the assessee was entitled to relief under section 85 of the Income Tax Act for dividends received from companies exempt under section 84, irrespective of deficits or interest payments on shares in other companies. The Court emphasized that relief should be based on the full dividend amount paid by exempt companies, rejecting the Revenue's argument that relief should not be granted in case of dividend income resulting in a loss. The Court upheld the Tribunal's decision, ruling in favor of the assessee and awarding costs. Case-Laws Income Tax Fri, 13 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28937