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1 - 6 of 6 (0.19 seconds)Distributors (Baroda) Pvt. Ltd vs Union Of India And Two Ors on 1 July, 1985
The above decision of the Calcutta High Court, appears to be inconsistent with the decision of the Supreme Court in Distributors (Baroda) P. Ltd. v. Union of India [1985] 155 ITR 120.
Commissioner Of Income-Tax, W.B. I vs National & Grindlays Bank Ltd., ... on 28 February, 1968
6. We have also considered the decision of the Calcutta High Court in CIT v. National and Grindlays Bank Ltd. [1993] 202 ITR 559, wherein it has been held that relief under Section 80M is admissible on the gross amount of dividend income without deducting therefrom the interest paid for earning the dividend.
Commissioner Of Income-Tax, Gujrat vs Cotton Fabrics Ltd. on 22 December, 1975
The assessee appealed to the Commissioner of Income-tax (Appeals). The Commissioner deducted from the gross dividend, only interest relating to investment in shares of two companies, viz., Killick Nixon Ltd. and British Burmah Petroleum Ltd., amounting to Rs. 2,70,780 and dividend realisation expenses amounting to Rs. 3,252 and allowed relief under Section 80M(1) on the balance amount of Rs. 19,66,588. The Commissioner (Appeals) did not deduct the remaining interest paid by the assessee on the monies borrowed for purchase of shares from which dividend had been received on the ground that it was an expenditure incurred in connection with the business dealings of the assessee. The Commissioner (Appeals) followed the decision of the Gujarat High Court in CIT v. Cotton Fabrics Ltd. [1981] 131 ITR 99. The above order of the Commissioner (Appeals) was confirmed by the Income-tax Appellate Tribunal ("the Tribunal"). Hence, this reference at the instance of the Revenue.
Cloth Traders (P) Ltd., Etc vs Addl. Commr. Of Income Tax, ... on 4 May, 1979
The Supreme Court reconsidered its earlier decision in Cloth Traders P. Ltd. v. Addl. CIT [1979] 118 ITR 243, wherein it was held that the deduction required to be allowed under Section 80M must be calculated (page 259) "with reference to the full amount of dividends received from a domestic company and not with reference to the dividend income as computed in accordance with the provisions of the Act, that is, after making deductions provided under the Act", and came to a conclusion that the above decision was erroneous, and overruled the same.
Section 256 in The Income Tax Act, 1961 [Entire Act]
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