2001 (3) TMI 76

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....e Income-tax Act, 196 1, this court has directed the Tribunal to refer the following question set out at page 2 of the paper book for the opinion of this court : "Whether, on the facts of the case though the assessee was only a partner of a firm to which the dividend arose on the shares held by the firm, the Tribunal was correct in law in holding that the assessee (a partner) would be entitled ....

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....he assessment year 1985-86, which were assessed in its assessment as income from "other sources". While assessing this dividend income, the Income-tax Officer did not allow deduction under section 80M of the Act taking the view that the shares were owned by the partnership firm and not by the assessee-company. In appeal before the Commissioner of Income-tax (Appeals), the Commissioner of Income....

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.... Learned counsel for the assessee submits that when a beneficiary on dividend income, through the trust is entitled for section 80M deduction on the same analogy, a partner on dividend income, through a firm, should also be entitled for the deduction under section 80M of the Act. Learned counsel for the Revenue has not controverted these facts referred. In CIT v. Indian Iron and Steel Co. Ltd....