Dismissing the appeal of the revenue the, Court held that; exemption cannot be denied to receiver of dividend, though the payer company had not paid tax on dividend distribution under section 115-O of the Act. (AY. 2008 -09)
PCIT v. Kayan Jamshid Pandole (Smt.) (2019) 260 Taxman 32 / 306 CTR 597/ 174 DTR 141(Bom.)(HC)
S. 10(34) : Dividend–Domestic companies-Tax on distribution of profits–Exemption cannot be denied to receiver of dividend, though the payer company had not paid tax on dividend distribution under section 115-O of the Act. [S. (22)(d), 115-O]