{"id":97934,"date":"1984-11-21T00:00:00","date_gmt":"1984-11-20T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-supreme-credit-corporation-p-on-21-november-1984"},"modified":"2017-08-21T04:57:30","modified_gmt":"2017-08-20T23:27:30","slug":"commissioner-of-income-tax-vs-supreme-credit-corporation-p-on-21-november-1984","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-supreme-credit-corporation-p-on-21-november-1984","title":{"rendered":"Commissioner Of Income-Tax vs Supreme Credit Corporation (P.) &#8230; on 21 November, 1984"},"content":{"rendered":"<div class=\"docsource_main\">Calcutta High Court<\/div>\n<div class=\"doc_title\">Commissioner Of Income-Tax vs Supreme Credit Corporation (P.) &#8230; on 21 November, 1984<\/div>\n<div class=\"doc_citations\">Equivalent citations: 1986 162 ITR 880 Cal<\/div>\n<div class=\"doc_author\">Author: R Pyne<\/div>\n<div class=\"doc_bench\">Bench: R Pyne, A K Sengupta<\/div>\n<\/p>\n<pre><\/pre>\n<p>JUDGMENT<\/p>\n<p>R.N. Pyne, J.  <\/p>\n<p>1. In this reference under Section 256(1) of the Income-tax Act, 1961, which relates to the assessment year 1973-74, the following question of law has been referred to this court for its opinion:<br \/>\n  &#8220;Whether, on the facts and in the circumstances of the case, and on<br \/>\na correct interpretation of Section 80B(5) of the Income-tax  Act,   1961,<br \/>\n defining the term &#8216;gross total income&#8217;, the assessee is entitled to relief<\/p>\n<p>under Section 80M of the Income-tax Act, 1961, in respect of the gross amount of dividends from domestic companies and not in respect of the net amount of such dividends computed in accordance with the provisions of Section 57 of the said Act ?&#8221;\n<\/p>\n<p>2. In view of the provisions of Section 80AA of the Income-tax Act, 1961, inserted by the Finance (No. 2) Act, 1980, with restrospective effect from April 1, 1968, we answer the question by saying that the assesste will not be entitled to relief under Section 80M in respect of the gross amount of dividends but it will be entitled to relief under the said section only in respect of the net amount of such dividends computed in accordance with the provisions of Section 57 of the Income-tax Act. The question is answered in the negative and in favour of the Revenue.\n<\/p>\n<p>3. There will be no order as to costs.\n<\/p>\n<p>Ajit K. Sengupta, J.\n<\/p>\n<p>4. I agree.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Calcutta High Court Commissioner Of Income-Tax vs Supreme Credit Corporation (P.) &#8230; on 21 November, 1984 Equivalent citations: 1986 162 ITR 880 Cal Author: R Pyne Bench: R Pyne, A K Sengupta JUDGMENT R.N. Pyne, J. 1. In this reference under Section 256(1) of the Income-tax Act, 1961, which relates to the assessment year 1973-74, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,8],"tags":[],"class_list":["post-97934","post","type-post","status-publish","format-standard","hentry","category-calcutta-high-court","category-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Income-Tax vs Supreme Credit Corporation (P.) ... on 21 November, 1984 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-supreme-credit-corporation-p-on-21-november-1984\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commissioner Of Income-Tax vs Supreme Credit Corporation (P.) ... on 21 November, 1984 - Free Judgements of Supreme Court &amp; 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