https://www.taxtmi.com/caselaws?id=59103 Section 32(3) of the Unit Trust of India Act, 1963 deems the Unit Trust of India to be a company for the purposes of the Income-tax Act, 1961 and treats distributions to unit holders as dividend income. On that construction, the definition of "domestic company" in section 80B(2) was read as extending to an Indian company, with the limiting words relied on by the revenue applying only to the second limb concerning other companies. As a result, dividend received from the Unit Trust of India was treated as eligible for deduction under section 80M and was not excluded from that relief. en-us Mon, 30 Jan 1984 00:00:00 +0530 Thu, 23 Dec 2010 19:05:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59103 Section 32(3) of the Unit Trust of India Act, 1963 deems the Unit Trust of India to be a company for the purposes of the Income-tax Act, 1961 and treats distributions to unit holders as dividend income. On that construction, the definition of "domestic company" in section 80B(2) was read as extending to an Indian company, with the limiting words relied on by the revenue applying only to the second limb concerning other companies. As a result, dividend received from the Unit Trust of India was treated as eligible for deduction under section 80M and was not excluded from that relief. Case-Laws Income Tax Mon, 30 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59103