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[2007] 294 ITR 286 (BOM.) HIGH COURT OF BOMBAY Commissioner of Income-tax v. Jamnalal & Sons J.P. DEVADHAR AND B.P. DHARMADHIKARI, JJ. IT APPLICATION NOS. 1, 9 AND 24 OF 1997 APRIL 26, 2007 Section 80-O of the Income-tax Act, 1961 - Deductions - Royalty etc. from certain foreign enterprises No question of law arose from the Tribunal's order holding that the assessee-company was eligible for deduction under section 80M in respect of share income from the firms receiving dividend income from other domestic companies. Section 104 of the Income-tax Act, 1961 - Additional Income-tax on undistributed profits Where the Tribunal held that the assessee was an industrial company to which provisions of section 104 tax did not apply, in view of the decision in CIT v. Jamnalal & Sons Ltd. [2007] 291 ITR 436 (Bom.), the said question was not a referable question of law. JUDGMENT J.P. Devadhar, J. - Heard Mr. A. S. Jaiswal, learned counsel for the applicant and Mr. C.J. Thakkar, learned counsel for the respondent. These three applications filed by the Revenue under section 256(2) of the Income-tax Act, 1961 were admitted on the following questions of law : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is an industrial company to which provisions of section 104 of the Income-tax Act do not apply ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee-company is eligible for deduction under section 80M of the Income-tax Act in respect of share income from the firms receiving the dividend income from other domestic companies ?" As regards question No. 1 is concerned, in the assessee's Own case for the earlier years being I. T. A. No. 35 of 1995, we have rejected similar question raised by the Revenue on April 21, 2007 (CIT v. Jamnalal Sons Ltd. [2007] 291 ITR 436 (Bom)). Accordingly, question No. 1 raised in the present application is rejected. As regards question No. 2 is concerned, the assessee-company which is a domestic company was a partner in three different firms. The said firm derived dividend income from other…

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