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TMI Blog1989 (11) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... y provisions have also been subsequently modified by the insertion of section 80AB with effect from April 1, 1981 - hence question referred to us is answered in the negative and in favour of the appellant - - - - - Dated:- 6-11-1989 - J. S. VERMA., N. D. OJHA. and S. RANGANATHAN. STATEMENT OF CASE As directed by the Hon'ble Supreme Court of India by order dated March 10, 1978, in Civil A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investments made for earning that income. The assessee took the matter in appeal before the Appellate Assistant Commissioner. It was contended before that appellate authority that the relief under section 80K was to be allowed on the gross dividend receipt and not on the net amount. Relying on the decisions in Commissioner of Income-tax v. New Great Insurance Co. Ltd. [1973] 90 ITR 348 (Bom), C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td. [1973] 90 ITR 348 and Commissioner of Income-tax v. Industrial Investment Trust Co. Ltd. [1968] 67 ITR 436. The same expression as occurring in the Companies (Profits) Surtax Act, 1964, also had come up for interpretation before the same High Court in Commissioner of Income-tax v. Jupiter. General Insurance Co. [1975] 101 ITR 370. In all these cases, the conclusion reached is that the expressi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oss total income' under section 80B(5), whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing deduction under section 80K on the gross dividend income without taking into account deduction for interest paid on moneys borrowed specifically for investment in shares ORDER This is a reference, at the instance of the Commissioner of Income-tax, Bombay, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... td. v. CIT [1978] 113 ITR 84 and in the case of Distributors (Baroda) P. Ltd. v. Union of India [1985] 155 ITR 120. It may be mentioned that the statutory provisions have also been subsequently modified by the insertion of section 80AB with effect from April 1, 1981. In view of the above decisions, the question referred to us is answered in the negative and in favour of the appellant. The Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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