https://www.taxtmi.com/caselaws?id=9427 The High Court held that the deduction under section 80TT of the Income-tax Act should be calculated on the net income after deducting expenses, aligning with Supreme Court precedent. The court ruled in favor of the Revenue, upholding the Tribunal's decision to grant the deduction on the net amount of Rs. 10,80,000, rather than the gross amount of Rs. 12,00,000. This clarified the interpretation of section 80TT and emphasized computation based on net income, ultimately ruling against the assessee in the case. en-us Tue, 08 Feb 2005 00:00:00 +0530 Mon, 22 Jun 2009 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9427 The High Court held that the deduction under section 80TT of the Income-tax Act should be calculated on the net income after deducting expenses, aligning with Supreme Court precedent. The court ruled in favor of the Revenue, upholding the Tribunal's decision to grant the deduction on the net amount of Rs. 10,80,000, rather than the gross amount of Rs. 12,00,000. This clarified the interpretation of section 80TT and emphasized computation based on net income, ultimately ruling against the assessee in the case. Case-Laws Income Tax Tue, 08 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9427