1995 (3) TMI 62

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..... al referred the following question for our opinion under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that while computing the tax payable by the assessee as a trustee to the beneficiary, viz., T. Stanes and Co. Ltd., deduction under section 80M should be allowed in respect of the dividend income rece .....

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..... ion on dividends under section 80M of the Act. Accordingly, the first appellate authority directed the Income-tax Officer to modify the assessment. On further appeal, the Tribunal accepted the order passed by the first appel late authority. A similar question in the assessment years 1973-74 to 1975-76 came up for consideration before this court in the case of the same assessee reported in CIT v. .....

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..... ived by the assessee. " In view of the abovesaid decision of this court, we consider that there is no infirmity in the order passed by the Tribunal in allowing the deduction under section 80M of the Act in favour of the assessee. Accordingly, we answer the question referred to us in the affirmative and against the Department. There will be no order as to costs. - - TaxTMI - TMITax - Income T .....

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