<h1>Supreme Court Clarifies Section 40(b) of Income Tax Act Limits Deductions u/ss 30-38, Not an Independent Provision.</h1> The Supreme Court addressed whether Section 40(b) of the Income Tax Act, 1961, functions independently or limits deductions under Sections 30 to 38. It concluded that Section 40(b) is not a stand-alone provision but rather imposes limitations on deductions claimed under Sections 30 to 38. Therefore, any assessee seeking deductions under these sections must also ensure compliance with Section 40(b). The ruling clarifies that Section 40 serves as a constraint on the deductions allowable under the preceding sections, reinforcing its role as a corollary rather than an independent section.