Deductions from Gross Total Income Restricted to Prevent Duplication; Must File Timely Returns to Claim Benefits.

In computing an assessee's total income, specific deductions from gross total income are allowed, but cannot exceed the gross total income itself. Deductions for certain incomes are restricted and cannot be duplicated under different provisions. If profits from an undertaking are claimed as deductions, they cannot be claimed again under other provisions. Deductions are disallowed if the return is not filed on time or if claims are not made in the return. Transfers between businesses must reflect market value for accurate profit computation. "Market value" is defined as the price in an open market, subject to statutory restrictions.