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TMI Blog2014 (11) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... d the statement of the Assessee that there are no expenses incurred by the Assessee for earning the dividend – relying upon Commissioner of Income Tax V/s. United Collieries Ltd. [1992 (4) TMI 18 - CALCUTTA High Court] - no expenses were incurred for earning the dividend income, is a position which could not be controverted by the Revenue by bringing any material on record - the Assessee's claim f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction under section 80M of the Income Tax Act? 2] The details of the Income Tax Reference and extent for the assessment year in question, namely, 1987-88 and 1988-89 have been set out in para 2 of the statement of case. On examination and scrutiny of the same, the Assessing Officer noticed that the expenses have been incurred mainly on establishment by way of salary, audit fees, accounts wr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s counsel that there are no expenses incurred by the Assessee for earning the dividend. The Assessing Officer was not justified in reducing the claim on some notional expenses. Reliance was placed upon a judgment of the Calcutta High Court in Commissioner of Income Tax V/s. United Collieries Ltd. reported in 203 ITR 857. The Tribunal, therefore, concluded that no expenses were incurred for earnin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proceeded to hear both sides. We have perused the relevant statutory provisions and the recent judgment of this Court in the case of Commissioner of Income Tax V/s. Modern Terry Towels Ltd. reported in (2013) 357 ITR 750. The Division Bench judgment in this case of Modern Terry Towels Ltd. takes into consideration the relevant statutory provisions. There was a similar deduction and which was red ..... X X X X Extracts X X X X X X X X Extracts X X X X
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