1976 (1) TMI 40 - AT - Income Tax

Summary

The Appellate Tribunal ITAT BOMBAY-E allowed the appeal, holding that the assessee is entitled to claim deduction under section 80-L for dividend income of Rs. 2,457 from Indian companies, despite interest expenses. The Tribunal found that the income by way of dividends included in the gross total income is the entire dividend amount before deduction of expenses, following a precedent set by the Bombay High Court.