Law:

Section:

section 256 of the income-tax act, 1961-reference-tribunal finding that no part of borrowing made for earning dividends-questions as to whether deduction on inter-corporate dividends is to be allowed on gross dividend or net dividend after deduction of interest does not arise out of tribunal's order Held The question whether the deduction under section 80M is allowable on gross dividend or only on net dividend after deducting interest payable on moneys borrowed for the purpose of earning such dividend is undoubtedly a question of law. But where the Tribunal arrived at a finding that no part of the borrowings was made for the purpose of earning dividend and hence there was no question of deduction of any interest for the purpose of arriving at the net income by way of dividend, the question will not arise. ORDER 1. This appeal by special leave is directed against an order passed by the High Court of Calcutta refusing an application made by the Commissioner for reference of a question of law said to arise out of the order of the Tribunal. The question is whether deduction…

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