https://www.taxtmi.com/caselaws?id=36207 The High Court ruled in favor of the Income Tax authorities, holding that the deduction of 60% under Section 80M of the Income Tax Act should be based on the income from dividends as determined under Section 57, rather than the gross dividend receipts. The court rejected the assessee's argument for deduction from the gross amount and upheld the revenue's interpretation. Costs were imposed on the parties involved. en-us Thu, 05 Jul 1973 00:00:00 +0530 Sat, 20 Mar 2010 10:51:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36207 The High Court ruled in favor of the Income Tax authorities, holding that the deduction of 60% under Section 80M of the Income Tax Act should be based on the income from dividends as determined under Section 57, rather than the gross dividend receipts. The court rejected the assessee's argument for deduction from the gross amount and upheld the revenue's interpretation. Costs were imposed on the parties involved. Case-Laws Income Tax Thu, 05 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36207