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TMI Blog2019 (1) TMI 1531X X X X Extracts X X X X X X X X Extracts X X X X ..... in the financial years 2001-02 as well as 2002-03, there is no dispute on the position that the dividend had in fact, been paid out by the assessee only during the relevant financial year and that too prior to the due date for filing the return. Accepting the submission of the Revenue, would, in our view tantamount to inserting a new condition in the statutory provision which is impermissible in law. We are thus in agreement with the Tribunal in their conclusion that the assessee is entitled to the deduction sought. We draw support in this regard from the decisions of the Division Bench of the Delhi High Court in the case of Commissioner of Income Tax V. Delhi Tourism & Transportation Development Corporation Ltd.(2013 (7) TMI 625 - DELH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld not have exceeded the amount of dividend declared by the assessee on or before the due date for filing of return in the light of sub-Section 2 of Section 80M. He thus directed the Assessing Officer to restrict the claim of deduction under Section 80M to a sum of ₹ 789.86 lakhs only. 4. As against the same, an appeal was filed before the Income Tax Appellate Tribunal. The Tribunal concluded that there was no condition imposed by law to support the stand of the CIT and accepted the stand of the assessee. 5. We have heard Mr.M.Swaminathan, learned Senior Standing Counsel appearing for the Revenue and Mr.R.Vijayaraghavan, learned counsel appearing for the assessee. 6. The provisions of section 80M provide for a deduction in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent case, the appellant has declared dividend of a sum of ₹ 15.20 Crores for the periods 31.03.2002 and 31.03.2003. The distribution of such dividend has taken place only in the course of financial year 2003-04, prior to the due date for filing of return in respect of Assessment Year 2003 2004. This is an admitted position. The case of the Revenue is that the benefit of the dividend declared in respect of Assessment Year 2002 to 2003 cannot be taken by the Assessee particularly seeing as the provisions of Section 80M were themselves introduced only with effect from 01.04.2003. 9. We, however, find no fetter set out in the provision in this regard. Though the declaration of dividend by the appellant had been occasioned in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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