2010 (9) TMI 277

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....he revenue for the assessment year 2001-02 raising question whether the Tribunal was justified in confirming the order of the Commissioner of Income Tax (Appeal) in treating the dividend earned to be exempt from income tax in view of the provision of Section 10 (33) of the Income Tax Act, 1961?   It appears that during the year under consideration the assessee received the dividend income ....

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.... loss has been set off against the business income. The claim of the assessee claiming loss suffered against the sale of the units as a business loss and its set off with other business income has been disallowed on the ground that dividend income was exempted from tax. The Commissioner of Income Tax (Appeal) has allowed the claim of the assessee which has been confirmed by the Tribunal.   ....