https://www.taxtmi.com/caselaws?id=371832 Deduction under section 80P(2)(a)(i) was examined in relation to MSEB commission income and interest on FDRs. The text states that section 80AB requires the deduction to be computed on income as computed under the Act, so only net income from the specified source qualifies. Where the expenditure incurred to earn those receipts exceeded the receipts themselves, there was no positive income on which further deduction could be claimed, and the deduction claim was rejected. The alternative claim for allowance of expenditure against those receipts was accepted only for verification by the Assessing Officer, with relief limited to amounts not already allowed. en-us Fri, 07 Dec 2018 00:00:00 +0530 Wed, 12 Dec 2018 13:33:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371832 Deduction under section 80P(2)(a)(i) was examined in relation to MSEB commission income and interest on FDRs. The text states that section 80AB requires the deduction to be computed on income as computed under the Act, so only net income from the specified source qualifies. Where the expenditure incurred to earn those receipts exceeded the receipts themselves, there was no positive income on which further deduction could be claimed, and the deduction claim was rejected. The alternative claim for allowance of expenditure against those receipts was accepted only for verification by the Assessing Officer, with relief limited to amounts not already allowed. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371832