1995 (3) TMI 62 - HC - Income Tax

Summary

The High Court of Madras ruled that a trustee is entitled to deduction on dividends under section 80M of the Income-tax Act, 1961. The court upheld the Tribunal's decision to allow the deduction for the assessment years 1978-79 and 1979-80. The court referred to a previous case involving the same assessee to support its decision. The question referred by the Tribunal was answered in the affirmative, against the Department.