https://www.taxtmi.com/caselaws?id=347715 Deduction under section 80P is computed with reference to gross total income, meaning income assessed under the Act before Chapter VI-A deductions. Business income must first be determined under sections 29 to 43D, so the relevant base for section 80P(2)(a)(i) is the finally assessed profit after additions or disallowances, provided the statutory conditions are satisfied. The principle applied is that deduction is linked to profits computed under the Act, not merely the income returned by the assessee. On that basis, the deduction was directed to be allowed on the enhanced assessed business income rather than being confined to the return figures. en-us Mon, 04 Sep 2017 00:00:00 +0530 Sat, 09 Sep 2017 09:19:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347715 Deduction under section 80P is computed with reference to gross total income, meaning income assessed under the Act before Chapter VI-A deductions. Business income must first be determined under sections 29 to 43D, so the relevant base for section 80P(2)(a)(i) is the finally assessed profit after additions or disallowances, provided the statutory conditions are satisfied. The principle applied is that deduction is linked to profits computed under the Act, not merely the income returned by the assessee. On that basis, the deduction was directed to be allowed on the enhanced assessed business income rather than being confined to the return figures. Case-Laws Income Tax Mon, 04 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347715