1975 (11) TMI 8

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....an arguable question of law arises inasmuch as the point has been decided in favour of the department by the judgment of the Gujarat High Court in Addl. CIT v. Cloth Traders (P.) Ltd. [1974]97 ITR 140. It is, however, to be appreciated that the Division Bench of the Gujarat High Court in that decision was dealing with s. 85A (as it then stood) of the I.T. Act, 1961, the language of which materiall....

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....der s. 57(iii), there would be no dividend income component of the gross total income of the assessee from which the assessee would be entitled to have further deductions under these two sections, viz., ss. 80K and 80L. It is important, however, in this connection to note that both in s. 80A(1) as well as in s. 80B(5), the deduction contemplated under s. 57(iii) has not been mentioned. The former ....