https://www.taxtmi.com/circulars?id=4742 Deduction under Section 80MM was judicially held to be computed with reference to gross income, but insertion of Section 80AB changed the computation to net income. Section 80AB was made effective from 1 April 1981 and not retrospectively; therefore the gross income rule applies to assessments up to and including assessment year 1980-81, while subsequent assessments must apply the net income basis. en-us Mon, 10 May 1982 00:00:00 +0530 Sat, 02 Aug 2008 13:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4742 Deduction under Section 80MM was judicially held to be computed with reference to gross income, but insertion of Section 80AB changed the computation to net income. Section 80AB was made effective from 1 April 1981 and not retrospectively; therefore the gross income rule applies to assessments up to and including assessment year 1980-81, while subsequent assessments must apply the net income basis. Circulars Income Tax Mon, 10 May 1982 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4742