https://www.taxtmi.com/caselaws?id=37474 The High Court of Bombay, in a judgment delivered by Justice Tulzapurkar, ruled that the deduction under section 80M of the Income Tax Act should be computed based on gross dividend income without deducting management expenses. The Court rejected the petitioner's argument that an amendment to the provision should change the computation to be based on net dividend income, finding that the purpose of the amendment did not support this interpretation. The Court discharged the rule with costs, affirming that the deduction under section 80M should be calculated using gross dividend income. en-us Tue, 30 Nov 1976 00:00:00 +0530 Tue, 19 Apr 2016 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37474 The High Court of Bombay, in a judgment delivered by Justice Tulzapurkar, ruled that the deduction under section 80M of the Income Tax Act should be computed based on gross dividend income without deducting management expenses. The Court rejected the petitioner's argument that an amendment to the provision should change the computation to be based on net dividend income, finding that the purpose of the amendment did not support this interpretation. The Court discharged the rule with costs, affirming that the deduction under section 80M should be calculated using gross dividend income. Case-Laws Income Tax Tue, 30 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37474