Claim u/s 80M of Income Tax Act Allowable when Deduction of Amount was Equal to Dividend Distributed within Due Date: ITAT [Read Order]
The Tribunal found that in the year in which the dividend was received, the assessee company would be allowed a deduction of an amount equal to and not exceeding the amount of dividend “distributed” on or before the due date.
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) held that claim under Section 80M of Income Tax Act, 1961 is allowable when deduction of amount was equal to dividend distributed within due date. The assessee, Purnasons Pvt. Ltd is a private limited company earning income from commission. The return of income…
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