2009 (2) TMI 77

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....r to year on accrued basis in respect of suit filed cases? 2. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that deduction under section 36(1)(viii) of the Income-tax Act, 1961, is allowable at the prescribed percentage of the total income before making deduction under section 36(1)(viii) itself? 3. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in allowing deduction under section 36(1)(viii) in respect of the assessee's income from other sources? 4. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in allowing credit of tax deducted at source out of the dividend income be....

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....ion Limited are invested by the Punjab Financial Corporation Limited. The exactitude of the manner of sharing profits is admittedly in terms of the Gujarat pattern, wherein, so far as the dividend income is concerned, the equity dividend declared by the company (in which the investment has been made), one per cent. thereof has to be paid to the Punjab Financial Corporation Limited as overhead charges. Out of the remaining balance, 2/3rds amount of the dividend is to be paid to the State Government and the remaining 1/3rd of the dividend is to be retained by the Punjab Financial Corporation. It is, thetefore, apparent, that in the arrangement between the State of Punjab and the Punjab Financial Corporation Limited, the income is shared betwe....

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....rson, the payment shall be deemed to have been made on behalf of, and the credit shall be given to, such other person ; (ii) in any other case, where the dividend on any share is assessable as the income of a person other than the shareholder, the payment shall be deemed to have been made on behalf of, and the credit shall be given to, such other person in such circumstances as may be prescribed Provided further that where any property, deposit, security, unit or share is owned jointly by two or more persons not constituting a partnership, the payment shall be deemed to have been made on behalf of, and credit shall be given to, each such person in the same proportion in which rent, interest on deposit or on security or income in respect o....