Itxa/40/2005 Of M/S Maharashtra Hybrid Seed Company Ltd v. The Income-Tax,Ofcer Ward 1(2) (1)

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN THE HIGH COURT OF JUDICATURE AT BOMBAY INCOME TAX APPEAL NO.40 OF 2005 INCOME TAX APPEAL NO.40 OF 2005 M/s. Maharashtra Hybrid Seed Co.Ltd. ..Appellant. V/s. The Income Tax Officer ..Respondent. M.K.B.Bhujle for appellant. Mr.A.S.Rao with P.S.Sahadevan for respondent. CORAM : F.I.REBELLO ANDJ.P.DEVADHAR, JJ. CORAM : F.I.REBELLO AND J.P.DEVADHAR, JJ. DATED : 16TH OCTOBER, 2007. P.C. :- P.C. :- Admit, on the following questions of law :- "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) ? 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) ? " Respondent waives service. (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (F.I.REBELLO, J.) (F.I.REBELLO, J.) (J.P.DEVADHAR, J.) - = : 2 : = -