M/S Maharashtra Hybrid Seed Company Ltd. v. the Income-Tax,Ofcer Ward 1(2) (1)

Bombay HC16 Oct 2007ITXA/40/2005

Case brief

AI extract

What is this about?

The High Court, Revenue Benches admitted an income tax appeal on two specific questions of law regarding the computation of net dividend under section 80M, including the correctness of expenditure reduction and the quantum of dividend income allowed by the Assessing Officer.

What did the court decide?

Issues framed and admitted; no final order passed in this text.

M/S Maharashtra Hybrid Seed Company Ltd. Vs the… — Specific Performance | Bombay HC (2007)

¶1

SAS

¶2

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

¶3

ORDINARY ORIGINAL CIVIL JURISDICTION

¶4

INCOME TAX APPEAL NO.40 OF 2005

¶5

 M/s. Maharashtra Hybrid Seed Co.Ltd. ..Appellant.

¶6

 V/s.

¶7

 The Income Tax Officer ..Respondent.

¶8

 M.K.B.Bhujle for appellant.

¶9

 Mr.A.S.Rao with P.S.Sahadevan for respondent.

¶10

CORAM : F.I.REBELLO AND
J.P.DEVADHAR, JJ.
DATED : 16TH OCTOBER, 2007.
P.C. :-

¶11

 Admit, on the following questions of law :-

¶12

 "1) Whether on the facts and in the circumstances
 of the case, the Tribunal erred in confirming
 the reduction of the notional expenditure on
 proportionate basis of Rs.20,51,527/- for
 arriving at the net dividend for the purposes
 of deduction under section 80M, contrary to
 the Judgment of this Court in C.I.T. V/s.
 Central Bank of India 264 I.T.R. 522 (Bom) ?

¶13

 2) Whether on the facts and in the circumstances
 of the case, the Tribunal erred un upholding
 the computation of the net dividend income at
 Rs.95,97,191/- for the purposes of deduction
 under section 80M, as made by the learned
 assessing officer as against the net dividend
 of Rs.1,16,48,718/- as computed by the learned
 C.I.T. (A) ? "

¶14

 Respondent waives service.

¶15

(J.P.DEVADHAR, J.) (F.I.REBELLO, J.)

¶16

 - = : 2 : = -

M/S Maharashtra Hybrid Seed Company Ltd. v. the Income-Tax,Ofcer Ward 1(2) (1)

Case brief

What is this about?

What did the court decide?

M/S Maharashtra Hybrid Seed Company Ltd. v. the Income-Tax,Ofcer Ward 1(2) (1)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Cases cited

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

commissioner of income-tax-7,mum Vs m/s roha dychem Ltd.

The Commissioner of Income TAX-7, Mumbai Vs M/S. Roha Dyechem Ltd.

The Commissioner of Income TAX-10, Mumbai Vs M/S. Cheminova India Ltd.

Messrs Magnaflux Systems Pvt.Ltd. Vs Union of India and Ors.

The Commissioner of Income TAX-2 Vs M/S. Taida Trading Industries Ltd.

The Commissioner of Income TAX-2, Mumbai Vs M/S. Taida Trading Industries Ltd.