Setting Off of business loss against Dividend Received from Foreign Subsidiary was allowable

Tata Industries Limited Bombay House Vs DCIT (ITAT Mumbai) Conclusion: Assessee was entitled to set-off brought forward business loss and unabsorbed depreciation against the dividend income  as the non-obstante clause provided in Section 115BBD(1) covered both current year loss as well as brought forward business loss, therefore,  Tata Industries was eligible for set off of current year business loss against the foreign dividend income received by it. Held: Assessee received dividend from its foreign subsidiary. It had set off its business loss against the said dividend income. Further, agai...