9911796707
TMI Blog2015 (4) TMI 880X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer noticed that a sum of ₹ 32,74,921/- has been received as dividend and ₹ 87,52,106/- as long term capital gains, which has been claimed as exempt under section 10 of the Income Tax Act, 1961. We are only concerned here with the dividend. The Assessing Officer held that certain amount of administrative expenditure was attributable towards earning the dividend income an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Godrej and Boyce Manufacturing Co. Ltd. (2010 (8) TMI 77 - BOMBAY HIGH COURT) has not been interfered with in Appeal by the Tribunal. - Decided in favour of assessee. - Income Tax Appeal No. 1446 of 2013 - - - Dated:- 7-4-2015 - S. C. Dharmadhikari And A. K. Menon,JJ. For the Petitioner : Mr Suresh Kumar For the Respondent : None ORDER P. C. This Appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of the Tribunal's order, that it is vitiated by any error of law apparent on the fact of the record. It cannot be termed as perverse because in the return of income declaring total income of ₹ 1,32,82,806/-, the Assessing Officer noticed that a sum of ₹ 32,74,921/- has been received as dividend and ₹ 87,52,106/- as long term capital gains, which has been claimed as exempt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidend earned should be treated as expenditure incurred. Thus, in earning the income of dividend 10% was set aside towards expenses. This view of the Tribunal was applied and in identical facts by the Commissioner to the present case. Such an approach of the Commissioner and relying upon the law laid down by this Court in the case of Godrej and Boyce Manufacturing Co. Ltd. (supra) has not been int ..... X X X X Extracts X X X X X X X X Extracts X X X X
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