https://www.taxtmi.com/caselaws?id=36000 The High Court ruled in favor of the assessee on both issues. It held that the entire interest paid for business purposes should be deducted from business income, emphasizing full deductibility under section 36(1)(iii) of the Income Tax Act. Additionally, the Court determined that relief under section 80M should be granted based on the gross amount of dividends received, in line with the Supreme Court's interpretation. The judgment provided clarity on the computation of income and deductions, aligning with previous court decisions and legislative amendments. en-us Wed, 11 Feb 1981 00:00:00 +0530 Thu, 18 Mar 2010 17:31:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36000 The High Court ruled in favor of the assessee on both issues. It held that the entire interest paid for business purposes should be deducted from business income, emphasizing full deductibility under section 36(1)(iii) of the Income Tax Act. Additionally, the Court determined that relief under section 80M should be granted based on the gross amount of dividends received, in line with the Supreme Court's interpretation. The judgment provided clarity on the computation of income and deductions, aligning with previous court decisions and legislative amendments. Case-Laws Income Tax Wed, 11 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36000