Search Results Page

Search Results

1 - 2 of 2 (0.30 seconds)
Documents citing Jt. Cit -(Osd)-2(1)(2), Mumbai vs Central Bank Of India, Mumbai on 29 January, 2020

Virtuous Finance Ltd , Mumbai vs Assessee

Similar is the view of the jurisdictional High Court in the case of Central Bank of India (supra). Admittedly the CIT(Appeals) has not made a disallowance based on actual expenditure. The disallowance was made based on allocation of proportionate expenditure. This, in our considered view, cannot be upheld as it is against the proposition laid down by the jurisdictional High Court.
Income Tax Appellate Tribunal - Mumbai Cites 33 - Cited by 0 - Full Document

Dena Bank, vs Assessee

20. We have heard the rival submissions and perused the relevant material on record. The ld. A.R. has relied on the judgment of the Hon'ble Bombay High Court in CIT vs. Central Bank of India (2003) 130 Taxman 116 (Bom.) in which it has been held that the department was not entitled 14 ITA Nos.3676 + 5 other appeals Dena Bank to import the rule of proportionate expenditure and interest into sec. 80M. The mandate of this judgment is that indirect expenses cannot be reduced from the amount of dividend for the purposes of granting deduction u/s.80M. The ld. A.R. came forward with a submission that a disallowance of 1 or 2% of the gross dividend income may be made towards such direct expenses. We are unable to make any order for reduction from the dividend income towards the expenses on an ad hoc basis. In our considered opinion, it would be just and fair if the impugned order is set aside on his issue and the matter is restored to the file of AO for reducing the direct expenses from the amount of gross dividend for the purpose of deduction u/s.80M.
Income Tax Appellate Tribunal - Mumbai Cites 8 - Cited by 0 - Full Document
1