2007 (4) TMI 115

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....ant and Mr. C. J. Thakkar, learned counsel for the respondent. 2 These three applications filed by the Revenue under section 256(2) of the Income-tax Act, 1961 were admitted on the following questions of law: "(1) 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is an industrial company to which provisions of section ....

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....ms. The said firm derived dividend income from other domestic companies. The assessee claimed deduction under section 80M of the Act in respect of the assessee's income from the firm which was relatable to the dividend income received by the firm from the domestic companies. The Assessing Officer relying upon the decision of the Orissa High Court in the case of CIT v. Janardan Subudhi reported in ....

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....sed, the Revenue has filed this application. 5 This court in the case of Gopalkrishna M. Singre [1995] 214 ITR 443. has held that in the light of section 67(2) of the Act where a partner receives income from a firm then such income should be assessed in the hands of the partner in the same manner in which the said income was assessed in the hands of the firm. Although this court considered the ....