Dividend earned from Egypt would not be taxable in India as per DTAA: ITAT

Grasim Industries Ltd Vs CIT (ITAT Mumbai) Conclusion: In present facts of the case, the Hon’ble Tribunal held that expenses made pertaining to Club Membership fees shall be allowed as business expenditure. Further, on the issue of taxability of the dividend received from the Egyptian company, it was held that as per the DTAA with Egypt, the dividend income received by the assessee from Egypt entity is to be excluded while computing the taxable income of the assessee in India. Facts: The present cross appeal has been filed challenging the impugned order dated 21/05/2004, passed under section...