1976 (1) TMI 40

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....or deduction under s. 80-L at Rs. 2,457 in respect of dividend income. 2. The assessee derived income of Rs. 2,457 by way of dividends from Indian companies. The assessee had incurred interest expenditure of Rs. 2,761 in respect of moneys borrowed for the purpose of investing in shares. The assessee claimed before the ITO that since the dividends from Indian companies did not exceed Rs. 3,000, ....

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....tates that where the gross total income of an assessee includes any income by way of "Dividends from Indian company", that shall be allowed in computing the total income of the assessee, a deduction upto Rs. 3,000. The question in the present case is whether the income by way of "dividends from any Indian companies" included in the gross total income of the assessee is the dividend income of Rs. 2....