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TMI Blog1984 (1) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961 ('the Act'), in respect of the dividend income received by it from the Unit Trust of India. The ITO observed that the deduction under section 80M was allowable in respect of the dividend declared by a domestic company. According to him, the Unit Trust of India was not a domestic company within the meaning of section 80M. He, therefore, disallowed the claim of the assessee. 2. On app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax under the Income-tax Act. As such, even if the income from Units is to be treated as dividend income, it cannot be treated as dividend received from a domestic company as the income of the Unit Trust of India is not liable to income-tax and, therefore, the Unit Trust of India cannot be treated as a domestic company within the meaning of section 80B(2) of the Income-tax Act, 1961. No interferen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India is a 'domestic company' admits of no doubt. The argument of the Commissioner (Appeals) is that, for being a domestic company, prescribed arrangements for the declaration of payment of dividend income should have been made in respect of its income liable to tax under the Act and since income from the Unit Trust of India is not liable to income-tax, the dividend therefrom cannot be treated to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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