https://www.taxtmi.com/caselaws?id=328743 Deduction under Chapter VI-A, including section 80IB(10), is computed against gross total income subject to the statutory ceiling under section 80A, and is not confined only to business or professional income, though eligible business profits determine the amount available for deduction. On that basis, the deduction was allowed up to gross total income in favour of the assessee. Reassessment under sections 147 and 148 cannot stand where the recorded reasons rest on an incorrect legal premise, and here the reopening was founded on the mistaken view that the deduction could be set only against business income. The reassessment was therefore invalid and bad in law. en-us Wed, 08 Jun 2016 00:00:00 +0530 Mon, 13 Jun 2016 13:15:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328743 Deduction under Chapter VI-A, including section 80IB(10), is computed against gross total income subject to the statutory ceiling under section 80A, and is not confined only to business or professional income, though eligible business profits determine the amount available for deduction. On that basis, the deduction was allowed up to gross total income in favour of the assessee. Reassessment under sections 147 and 148 cannot stand where the recorded reasons rest on an incorrect legal premise, and here the reopening was founded on the mistaken view that the deduction could be set only against business income. The reassessment was therefore invalid and bad in law. Case-Laws Income Tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328743