2024 (6) TMI 518

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....rising out of the assessment order framed u/s 154 of the Act dated 16.01.2023. 2. In order to appreciate the points urged in the instant appeal it is essential to state the brief facts of the case of the assessee. The assessee is a private limited company earning income from commission. The return of income was filed electronically on 29.12.2021. It was successfully e-verified and processed u/s 143(1) of the Act. In processing the CPC disallowed the deduction claimed by the assessee u/s 80M of the Act worth of Rs. 30 Lakh. The assessee being aggrieved filed for re-processing, but CPC did not make any correction. Ultimately, the assessee filed appeal before ld. CIT(A). Ld. CIT(A) after considering the submission and the documents again di....

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...., there shall, in accordance with and subject to the provisions of this section, be allowed in computing the total income of such domestic company, a deduction of an amount equal to so much of the amount of income by way of dividends received from such other domestic company or foreign company or business trust as does not exceed the amount of dividend distributed by it on or before the due date. (2) Where any deduction, in respect of the amount of dividend distributed by the domestic company, has been allowed under sub-section (1) in any previous year, no deduction shall be allowed in respect of such amount in any other previous year. Explanation.-For the purposes of this section, the expression "due date" means the date ....