1999 (11) TMI 873

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.... Sri. V. R. Gupta ORDER Singhal , J. The Income Tax Appellate Tribunal has referred the following question of law arising out of its order dated 1.02.1996 u/s 256(1) of the Income Tax Act, 1961, in respect of the assessment years 1983-84:- "Whether, on the facts and in the tribunal was right in holding that deduction u/s 80 M allowable on gross dividends?" 2. The facts of the ....

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....which such dividend is computed in accordance with the provisions of this Act (before making any deduction under this chapter), and not with reference to the gross amount of such dividend. Section 80m provides the deduction in computing the total income. So far as the claim of the assessee that the deduction has to be given on gross amount of dividend it is not in consonance with Sec. 80AA. It ....