https://www.taxtmi.com/caselaws?id=2078 Section 80HHC deduction had to be computed in light of Section 80AB, which limits Chapter VI-A deductions to income included in gross total income, and Section 80B(5), which defines gross total income as total income computed under the Act before Chapter VI-A deductions. Applying that statutory scheme, business income for Section 80HHC purposes was to be computed under the Act without first reducing it by short-term capital loss as contended by the Revenue. The short-term capital loss was therefore not deductible from business profits while working out the Section 80HHC deduction, and the issue was answered against the Revenue. en-us Wed, 21 Mar 2007 00:00:00 +0530 Fri, 01 Aug 2008 21:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2078 Section 80HHC deduction had to be computed in light of Section 80AB, which limits Chapter VI-A deductions to income included in gross total income, and Section 80B(5), which defines gross total income as total income computed under the Act before Chapter VI-A deductions. Applying that statutory scheme, business income for Section 80HHC purposes was to be computed under the Act without first reducing it by short-term capital loss as contended by the Revenue. The short-term capital loss was therefore not deductible from business profits while working out the Section 80HHC deduction, and the issue was answered against the Revenue. Case-Laws Income Tax Wed, 21 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2078