https://www.taxtmi.com/caselaws?id=70799 The Tribunal ruled against the assessee, stating that deduction under Section 80P(2)(a)(iv) is not available for transactions with non-members and should be granted based on net profit, not gross profit. The Tribunal emphasized that relief is only applicable to net income from dealings with members. The decision overturned the Commissioner (Appeals)'s allowance of deductions based on gross profit and directed the ITO to recalculate relief due under the correct interpretation of the law. en-us Mon, 29 Mar 1982 00:00:00 +0530 Tue, 19 Apr 2011 12:43:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70799 The Tribunal ruled against the assessee, stating that deduction under Section 80P(2)(a)(iv) is not available for transactions with non-members and should be granted based on net profit, not gross profit. The Tribunal emphasized that relief is only applicable to net income from dealings with members. The decision overturned the Commissioner (Appeals)'s allowance of deductions based on gross profit and directed the ITO to recalculate relief due under the correct interpretation of the law. Case-Laws Income Tax Mon, 29 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70799