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TMI Blog2024 (6) TMI 518X X X X Extracts X X X X X X X X Extracts X X X X ..... t of dividend distributed on or before the due date. In the present case, dividend was paid to the shareholders of the assessee before due date u/s 139(1) of the Act vide cheques dated 31.03.2021 and the due date for filing return of income for the relevant assessment year was 15.02.2022. In this view, assessee is rightly within law to claim deduction u/s 80M of the Act of Rs. 30 Lakh. Appeal filed by the assessee is allowed. - Dr. Manish Borad, Accountant Member And Pradip Kumar Choubey, Judicial Member For the Assessee : Manish Tiwari, FCA. For the Department : Swapan Kumar Bera, Addl. CIT. ORDER PER PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER: This appeal filed by the assessee pertaining to the Assessment Year (in short AY ) 2021-22 is direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld. CIT(A) is well versed and justified. 6. On the rival submission of the Counsels of the respective parties, we have perused the record and found the following facts being an admitted fact: i) The assessee as a private limited company received inter-corporate dividend from M/s. Palsons Derma Pvt. Ltd. worth of Rs. 37,12,500/- on 02.02.2021. ii) During the assessment year the assessee company distributed dividend amounting to Rs. 30 Lakh to the shareholders. 7. The question comes into the consideration that whether the assessee is entitled to claim deduction worth of Rs. 30 Lakh u/s 80M of the Act. 8. In this context we have gone through Section 80M of the Act which reveals thus: 80M. (1) Where the gross total income of a domestic company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in computing the total income of such domestic company, a deduction of an amount equal to so much of the amount of income by way of dividends from another domestic company as does not exceed the amount of dividend distributed by the first-mentioned domestic company on or before the due date. (2) Where any deduction, in respect of the amount of dividend distributed by the domestic company, has been allowed under sub-section (1) in any previous year, no deduction shall be allowed in respect of such amount in any other previous year. Explanation. For the purposes of this section, the expression due date means the date for furnishing the return of income under sub-section (1) of section 139. 9. In the present case, it reveals from the documen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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