2015 (8) TMI 524 - SCH - Income Tax

Entitlmnet to deduction under section 80M on the dividends - gross dividend or net dividend Held that - Deduction under section 80M has to be calculated with reference to the amount of interest computed in accordance with the provisions of the Act after deducting interest on monies borrowed for earning such income and not with reference to the full amount of dividend received by the assessee - Judgment of HC 2003 (4) TMI 49 - BOMBAY High Court sustained as Tax effect is nominal and the matter is also very old - Decided in favour of assessee.