https://www.taxtmi.com/caselaws?id=12349 The court upheld the Commissioner of Income-tax (Appeals)'s decision to adjust deductions under sections 80K/80M against dividend income before arriving at the gross total income. It clarified that deductions should be allowed on net income, not gross income. The court ruled against the assessee, emphasizing that all provisions must be applied before allowing deductions. The Tribunal's directions were found to contradict the definition of "gross total income" under section 80B(5). Ultimately, the court decided in favor of the Revenue, denying the assessee's claims and disposing of the reference without costs. en-us Fri, 16 Aug 2002 00:00:00 +0530 Mon, 22 Feb 2010 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12349 The court upheld the Commissioner of Income-tax (Appeals)'s decision to adjust deductions under sections 80K/80M against dividend income before arriving at the gross total income. It clarified that deductions should be allowed on net income, not gross income. The court ruled against the assessee, emphasizing that all provisions must be applied before allowing deductions. The Tribunal's directions were found to contradict the definition of "gross total income" under section 80B(5). Ultimately, the court decided in favor of the Revenue, denying the assessee's claims and disposing of the reference without costs. Case-Laws Income Tax Fri, 16 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12349