2019 (8) TMI 187 - SCH - Income Tax

Deduction u/s 80M - revision u/s 263 - Deduction in respect of certain inter-corporate dividends - case of the Revenue is that the benefit of the dividend declared in respect of AY 2002 to 2003 cannot be taken by the Assessee particularly seeing as the provisions of Section 80M were themselves introduced only with effect from 01.04.2003 - whether dividend distributed would include dividends declared in the earlier year but paid out in the current year? - HELD THAT - Considering the tax effect in the present matter, we see no reason to interfere in the matter. The special leave petition is, accordingly, dismissed, leaving all questions of law open.

Summary

The Supreme Court dismissed the special leave petition due to the tax effect and left all questions of law open. Pending applications will be disposed of.