TaxTMI 
TaxTMI 
1989 (11) TMI 1
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....No. 579 of 1978, we submit as hereunder the statement of the case to that Hon'ble Court on the question directed to be referred. The assessee is an individual and the assessment year involved is 1972-73 for which the previous year is Samvat year 2027. The assessee had, for the accounting period, a gross dividend income of Rs. 1,04,198. As interest on borrowings, made by him for the purpose of m....
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....ssioner of Income-tax v. Jagmohan Das Kapadia [1966] 61 ITR 663 (Bom) and Commissioner of Income-tax v. Industrial Investment Trust Co. Ltd. [1968] 67 ITR 436 (Bom), the Appellate Assistant Commissioner upheld the assessee's contention and directed the Income-tax Officer "to allow relief under section 80K on gross dividends and not net dividends". It was against the said decision of the Appella....
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.... took in gross dividend received by an assessee-company unqualified by any limitation as suggested by the Department. Following the ratio in the case of New Great Insurance Co. Ltd. [1973] 90 ITR 348 (Bom), this Tribunal, in ITA No. 35/Bom/73-74 in the case of Shri B. M. Grievers, Bombay, also rejected the departmental stand for working out relief under section 80K on the basis of only the net div....
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.... to this court under section 257 of the Income-tax Act, 1961, ("the Act"), by the Income-tax Appellate Tribunal. It is not necessary to set out the facts at length since the question referred has already been decided by this court subsequent to the reference. The question that has been referred to us reads as follows "Having regard to the definition of 'gross total income' under section 80B(....