Court : Income Tax Appellate Tribunal ITAT Mumbai
1. This appeal by the assessee for the asst. yr. 1993-94 is directed against the order of the CIT(A) upholding certain additions and disallowances.2. The assessee is one of the biggest Indian companies in which public is interested. It is highly diversified and largest "core industries" in India. It produces viscose, staple fibre, rayon, pulp, caustic soda, cement, software, sponge iron, textiles, heavy engineering machinery and chemicals. It employs over 25,000 persons and its plants are located at about 10 places in India.3. In the memo of appeal, several grounds are raised, but during the course of hearing, the first objection taken by the learned counsel for the assessee related to disallowance of part of deduction claimed under s. 80M of the IT Act, 1961 out of dividend income. The assessee during the relevant period received dividends from Indian companies and returns from UTI amounting to Rs. 28.64 crores and distributed dividend approximately Rs. 25.11 crores. In its return of...
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