https://www.taxtmi.com/caselaws?id=183860 Deduction under Section 80-O was held to be computable on net income and not on gross receipts, following the Supreme Court's binding ruling on the method of computation. The assessee's claim to deduct on gross income was therefore rejected, and the question was answered in favour of the Revenue. The document states that the governing principle requires the deduction to be confined to net income, making the gross-receipts basis impermissible. en-us Tue, 20 Jan 1987 00:00:00 +0530 Thu, 23 Jun 2016 16:29:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183860 Deduction under Section 80-O was held to be computable on net income and not on gross receipts, following the Supreme Court's binding ruling on the method of computation. The assessee's claim to deduct on gross income was therefore rejected, and the question was answered in favour of the Revenue. The document states that the governing principle requires the deduction to be confined to net income, making the gross-receipts basis impermissible. Case-Laws Income Tax Tue, 20 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183860