Section 115O(5) do not restrict the allowability of the claim u/s 80M

Dy. CIT, Pune Vs KRA Holding & Trading Pvt Ltd (ITAT Pune)-  The view of the assessing officer was consistent with the decision of the Tribunal in the case of Castle Investment (supra). The judgement in Castle Investment insofar as is material held that Section 1150(5) does not in any way restrict the allow ability of the claim under section 80M. Under Section 80M what is claimed as a deduction is the dividend received by the company. Dividends declared, distributed or paid are not claimed as deduction under Section 80M though they constitute an outflow of funds from the company. Section ...