https://www.taxtmi.com/caselaws?id=15265 Deduction under section 80QQ had to be computed only on the income remaining after setting off the assessee's trading loss, because section 80AB requires the income of the specified nature to be computed in accordance with the Act before any Chapter VI-A deduction is allowed. Since the trading loss was a business loss under the same head, section 70 required it to be adjusted against the profit from printing and publishing in arriving at gross total income. The earlier authority relied on by the assessee was distinguished because it did not consider section 80AB, while the later binding authority treated that provision as declaratory. The issue was resolved in favour of the Revenue. en-us Wed, 25 Feb 1998 00:00:00 +0530 Tue, 04 Aug 2009 13:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15265 Deduction under section 80QQ had to be computed only on the income remaining after setting off the assessee's trading loss, because section 80AB requires the income of the specified nature to be computed in accordance with the Act before any Chapter VI-A deduction is allowed. Since the trading loss was a business loss under the same head, section 70 required it to be adjusted against the profit from printing and publishing in arriving at gross total income. The earlier authority relied on by the assessee was distinguished because it did not consider section 80AB, while the later binding authority treated that provision as declaratory. The issue was resolved in favour of the Revenue. Case-Laws Income Tax Wed, 25 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15265