Case Law Details
Case Name : State Bank of India Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2003-04
Courts :
All ITAT ITAT Mumbai
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State Bank of India Vs ACIT (ITAT Mumbai)
The assessee has received dividend of Rs.194,09,17,456/-. The assessee had distributed dividend of Rs.447,35,40,463/-. The assessee had claimed deduction u/s.80M of the Act to the tune of Rs.194,09,17,456/-. We find that the lower authorities had made the disallowance by applying the estimated percentage to the income as the expenses incurred to earn the dividend income. The law is now well settled that for the purpose of deduction u/s.80M of the Act, only actual expenditure
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