COMMISSIONER OF INCOME TAX DELHI -IV Vs. DELHI TOURISM & TRANSPORTATION DEVELOPMENT CORPORTATION LTD

JUDGEMENT

(1.) Having heard learned counsel for the parties, the following substantial question of law is framed:

(2.) We have heard learned counsel for the parties on the aforesaid question and proceed to dictate our judgment.

(3.) Respondent is a domestic company wholly owned by the Government of NCT of Delhi and the Assessment Year involved is 1993-94. The assessee had disclosed income of Rs.14,26,29,843/- during the assessment year in question. Deduction under Section 80M of the Income Tax Act, 1961 (Act, for short) was claimed on the ground that the assessee had received dividend of Rs.50,00,000/- in this year from Unit Trust of India (UTI). The Assessing Officer disallowed the claim for deduction under Section 80M observing that the respondent-assessee had not produced evidence in support of payment of dividend within the specified time and as per the audit statement the respondent had proposed dividend of Rs.36,83,000/- and the dividend had not been paid. There is no further discussion in the order of the Assessing Officer.