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of <h1>Supreme Court clarifies Section 80MM benefits: Deductions based on gross income until 1980-81; rectify errors u/s 154.</h1> The circular clarifies the admissibility of Section 80MM benefits concerning income tax deductions. It refers to a Supreme Court judgment stating that deductions should be based on gross income, applicable for assessments up to and including the assessment year 1980-81. This contrasts with the Finance Act, 1980, which mandates deductions be based on net income, effective from April 1, 1981. Officers are instructed to inform relevant personnel and rectify assessments under Section 154 if deductions were incorrectly based on net income. Additionally, any appeals or references on this issue should be withdrawn.
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