1995 (3) TMI 62

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.... instance of the Department, the Tribunal referred the following question for our opinion under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that while computing the tax payable by the assessee as a trustee to the beneficiary, viz., T. Stanes and Co. Ltd., deduction under section 80M should be allowe....

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....ee that the assessee is entitled to deduction on dividends under section 80M of the Act. Accordingly, the first appellate authority directed the Income-tax Officer to modify the assessment. On further appeal, the Tribunal accepted the order passed by the first appel late authority. A similar question in the assessment years 1973-74 to 1975-76 came up for consideration before this court in the c....