INCOME TAX ACT, 1961

Section 56

Foreign dividend - Taxation of - Whether on gross basis or net basis -

Assessee offered foreign dividend received by it as 'Income from other sources'. The same was offered at Rs. 164 lakhs on net basis without including tax deducted by the foreign company for Rs. 11 lakhs. AO opined that the same would be taxable on gross basis, and not on net basis. Held: AO was directed to tax foreign dividend on net basis.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2003-04

INCOME TAX ACT, 1961

Section 37(1)

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