Section 80M judiciary-2

Disallowance u/s 80M to the extent of dividend distributed to shareholders unsustainable

PCIT Vs SIL Investments Ltd. (Delhi High Court)

Delhi High Court held that disallowance under section 80M of the Income Tax Act to the extent of divided distributed to the shareholders unsustainable in law. Accordingly, disallowance rightly deleted by CIT(A)....

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

Grasim Industries Ltd Vs CIT (ITAT Mumbai)

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....

Reopening of assessment unjustified as no failure to disclose full and true material facts

Jaguar and Company Pvt Ltd Vs DCIT (ITAT Delhi)

ITAT Delhi held that reopening of assessment under section 147 of the Income Tax Act unjustified in absence of failure on the part of the assessee to disclose fully and truly all the material facts....

For Section 80M deduction only actual expenditure incurred has to be taken into consideration

State Bank of India Vs ACIT (ITAT Mumbai)

The law is now well settled that for the purpose of deduction u/s.80M of the Act, only actual expenditure incurred has to be taken into consideration and there cannot be any estimate of expenditure that could be made thereon....

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