S. 80M For computing deduction, from ‘gross dividend’ presumptive expenditure cannot be reduced in absence of actual expenditure

HIGH COURT OF PUNJAB AND HARYANA Commissioner of Income-tax-I, Ludhiana versus Vardhman Holdings Ltd. IT Appeal NOS. 50 TO 52 & 73 OF 2012 JANUARY  25, 2013 ORDER R.P. Nagrath, J. ITA Nos. 50, 51, 52 and 73 of 2012 arise out of the common order dated 30.08.2011 (Annexure A-VI) passed by Income Tax Appellate Tribunal, Chandigarh, Bench ‘B’, Chandigarh (ITAT), disposing of four appeals for the assessment years 1994-95, 1995-96, 2000-2001 and 1997-98 respectively of the assessee, on the issue of deduction under Section 80M of the Income Tax Act, 1961 (for brevity...