2015 (9) TMI 1062

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....e matter, an assessment order was passed. The assessee, being aggrieved, filed an appeal, which was partly allowed. Thereafter, the assessee as well as the revenue filed an appeal before the Tribunal. The appeal of the assessee was allowed and the appeal of the revenue was dismissed. The Tribunal held that the jurisdictional condition for reopening the assessment beyond four years had not been fulfilled and that the assessment could not be reopened merely on change of the opinion without pointing out any failure on the part of the assessee to disclose fully and truly all material facts for the assessment. The revenue, being aggrieved by the order of the Tribunal, has filed the present appeal under Section 260-A of the Act. Sri Shubham Agra....

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....On debentures Rs. 351.26 lakhs On Term loan Rs. 39.74 lakhs   Rs. 390.00 lakhs Thus, the part of this interest pertains to the investment in shares on which the assessee earned dividend income and disclosed in the returned income and assessed. The proportionate amount of interest is deductible while computing the dividend income as laid down u/s 52(i) & (iii) of I.T.Act 1961 as under:- 3.90 x 7.93 Crores = 0.91 crores 33.81 (iii) In view of the above facts, the dividend is assessable at Rs. 64 lakhs (1.55 -0.91 crores) and deduction u/s 80M was allowable at Rs. 63 lakhs (1.54-0.91 crores), which was allowed at Rs. 1.54 crores. The income under the head "profit & gains" computed at Rs. 6.59,18,414/- as per order dated 28.....