https://www.taxtmi.com/caselaws?id=333485 The High Court ruled in favor of the Respondent-Revenue, holding that the deduction under Section 80-O of the Income Tax Act should be allowed on the net receipts after deducting expenses, applying Section 80AB. This decision was based on the principle that relief should be based on net income rather than gross income, in line with previous judicial interpretations and the overriding effect of Section 80AB on deductions under Chapter VIA. The Court's judgment confirmed the Tribunal's interpretation and dismissed the Applicant-Assessee's claim for deduction on gross receipts. en-us Thu, 13 Oct 2016 00:00:00 +0530 Fri, 20 Jan 2017 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333485 The High Court ruled in favor of the Respondent-Revenue, holding that the deduction under Section 80-O of the Income Tax Act should be allowed on the net receipts after deducting expenses, applying Section 80AB. This decision was based on the principle that relief should be based on net income rather than gross income, in line with previous judicial interpretations and the overriding effect of Section 80AB on deductions under Chapter VIA. The Court's judgment confirmed the Tribunal's interpretation and dismissed the Applicant-Assessee's claim for deduction on gross receipts. Case-Laws Income Tax Thu, 13 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333485