Dismissing the appeal the Court held that dividend will be exempt only for amounts which suffered tax u/s 115O and does not apply to deemed dividend . ( AY. 2005 -06)
DR. T. J. Jaikish v. CIT (2018) 403 ITR 256 (Ker) (HC)
S. 10(34) :Dividend – Domestic companies – Tax on distribution of profits – Applicable only for amounts which suffered tax u/s 115O does not apply to deemed dividends . [S. 2(22)(e), 115O]