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of <h1>Supreme Court Ruling on Section 80MM Deductions Applies Only Until 1980-81; Net Income Rule Now Effective.</h1> Circular No. 341, dated May 10, 1982, addresses the calculation of deductions under Section 80MM of the Income-tax Act, 1961. The Supreme Court's judgment in the Cloth Traders case stated that deductions should be based on gross income. However, Section 80AB, introduced by the Finance (No. 2) Act, 1980, mandates that deductions should be calculated based on net income, effective from April 1, 1981. The Supreme Court's ruling applies to assessments up to the 1980-81 assessment year. This clarification is issued by the Central Board of Direct Taxes.
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