https://www.taxtmi.com/caselaws?id=76908 The Court held that the deduction under Explanation (iv) to Section 115JB of the Income Tax Act should be quantified with reference to the profits of the business under the head of profits and gains of business or profession, not based on the net profits in the Profit and Loss Account. The Tribunal's interpretation was deemed incorrect, and the question of law was decided in favor of the Revenue. The appeal was disposed of with no order as to costs. en-us Fri, 09 Jul 2010 00:00:00 +0530 Wed, 28 Jul 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76908 The Court held that the deduction under Explanation (iv) to Section 115JB of the Income Tax Act should be quantified with reference to the profits of the business under the head of profits and gains of business or profession, not based on the net profits in the Profit and Loss Account. The Tribunal's interpretation was deemed incorrect, and the question of law was decided in favor of the Revenue. The appeal was disposed of with no order as to costs. Case-Laws Income Tax Fri, 09 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76908