1979 (1) TMI 1

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....he High Court of Calcutta refusing an application made by the Commissioner for reference of a question of law said to arise out of the order of the Tribunal. The question is whether deduction under section 80M of the I.T. Act, 1961, is allowable on gross dividend or it is allowable only on net dividend arrived at after deducting the interest payable on moneys borrowed for the purpose of earning su....