2014 (11) TMI 104

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....on of this Court on the following question: "Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that general establishment charges like audit fees, salary etc. could not be reduced from the dividend income for the purpose of allowing deduction under section 80M of the Income Tax Act?" 2] The details of the Income Tax Reference and extent for the asse....

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....claimed by the Assessee under section 80M of the Income Tax Act, 1961 was reduced. This action of the Assessing Officer was confirmed in Appeal by the Commissioner of Income Tax (Appeals). 3] The Tribunal in the further Appeal recorded the statement of the Assessee's counsel that there are no expenses incurred by the Assessee for earning the dividend. The Assessing Officer was not justified....

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....sis of a uncontroverted factual position against the Revenue and in favour of the Assessee, then, we do not see any justification for a question of law being formulated and referred for our opinion. Be that as it may, since Reference is pending before us from 1997, we have proceeded to hear both sides. We have perused the relevant statutory provisions and the recent judgment of this Court in the c....