TaxTMI 
TaxTMI 
1996 (8) TMI 26
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....on of dividend amount from reckoning in the process of computing chargeable profits. The question expecting answer is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the assessee is entitled to have the entirety of the dividend excluded from reckoning for the purpose of computing its chargeable profits ?" 2. The assessee is....
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.... when the provisions of the Companies (Profits) Surtax Act, 1964, spoke of entire deduction, deduction in its entirety, there was no justification to resort to the provisions of s. 80M of the IT Act. Taking up this contention, the proceedings were taken before CIT(A). The first appellate authority agreed with the approach of the ITO and, therefore, allowed only 40 per cent of the income for the pu....
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....on that the entire dividend income cannot be excluded. It is held that with regard to the assessment year in question, the total income computed under the IT Act for that year has to be adjusted and income by way of dividend will have to be excluded. In the process of computation of the total income under the IT Act deduction under Chapter VI-A has to be allowed and it is the net dividend after su....