Section 80MM deduction basis clarified: apply gross income for earlier assessments; net-income rule applies prospectively. Clarification instructs that the Sec.80MM deduction must be computed with reference to gross income for assessments up to and including the year before the effective date of the statutory net income rule inserted by Finance Act, 1980; the statutory net income computation under Sec.80AB applies only prospectively. Assessing officers are directed to inform staff and to rectify affected assessments under rectify u/s.154 and withdraw appeals or references based on the net-income computation for those earlier assessments.
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Provisions expressly mentioned in the judgment/order text.
Section 80MM deduction basis clarified: apply gross income for earlier assessments; net-income rule applies prospectively.
Clarification instructs that the Sec.80MM deduction must be computed with reference to gross income for assessments up to and including the year before the effective date of the statutory net income rule inserted by Finance Act, 1980; the statutory net income computation under Sec.80AB applies only prospectively. Assessing officers are directed to inform staff and to rectify affected assessments under rectify u/s.154 and withdraw appeals or references based on the net-income computation for those earlier assessments.
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