https://www.taxtmi.com/caselaws?id=11473 The High Court ruled in favor of the Revenue, holding that the deduction under section 80P of the Income-tax Act should be allowed after setting off business losses of earlier years. The court emphasized adherence to the definition of "gross total income" under section 80B(5) and rejected alternative interpretations. The decision aligned with the apex court's precedent, emphasizing the importance of considering business losses in determining gross total income for the purpose of claiming deductions under section 80P. en-us Fri, 17 Jan 2003 00:00:00 +0530 Mon, 10 Aug 2009 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11473 The High Court ruled in favor of the Revenue, holding that the deduction under section 80P of the Income-tax Act should be allowed after setting off business losses of earlier years. The court emphasized adherence to the definition of "gross total income" under section 80B(5) and rejected alternative interpretations. The decision aligned with the apex court's precedent, emphasizing the importance of considering business losses in determining gross total income for the purpose of claiming deductions under section 80P. Case-Laws Income Tax Fri, 17 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11473