2009 (8) TMI 7

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..... m. It was held that the amount of interest paid by the assessee was required to be reduced from the gross dividend income while working out relief under section 80-M of the Act. This view was affirmed by CIT(A) but the Tribunal reversed the said view – held that – ITAT order is not cored and reversed. - 95 to 99 of 1997 - - - Dated:- 11-8-2009 - ADARSH KUMAR GOEL and DAYA CHAUDHARY, JJ. Mr. .....

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..... section 80-M of the Act on the gross dividend but the Assessing Officer did not accept the claim. It was held that the amount of interest paid by the assessee was required to be reduced from the gross dividend income while working out relief under section 80-M of the Act. This view was affirmed by CIT(A) but the Tribunal reversed the said view with the following observations:- "4. We have consid .....

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..... rade is found to be sufficient to allow the relief. The assessee is held entitled to deduction of Rs.2,28,663/- as claimed under section 80-M." We have heard learned counsel for the parties. Learned counsel for the revenue relies upon judgment of the Hon'ble Supreme Court in Distributors ( Baroda ) P. Limited v. Union of India , (1985) 155 ITR 120 and judgment of this Co .....

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