https://www.taxtmi.com/caselaws?id=382395 Deduction under Chapter VI-A, including Section 80IB, must be computed only after determining gross total income under Section 80B(5) and adjusting losses and other income components. The non obstante element in the deduction provision does not displace the statutory requirement to arrive at gross total income first. On the facts, the assessee's gross total income was not nil, so denial of the deduction on a nil-income basis was unsustainable. The Madras High Court also noted that the Tribunal overlooked the settled Supreme Court position and the appellate authority's reasoning, and restored the deduction granted to the assessee. en-us Tue, 18 Jun 2019 00:00:00 +0530 Mon, 01 Jul 2019 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382395 Deduction under Chapter VI-A, including Section 80IB, must be computed only after determining gross total income under Section 80B(5) and adjusting losses and other income components. The non obstante element in the deduction provision does not displace the statutory requirement to arrive at gross total income first. On the facts, the assessee's gross total income was not nil, so denial of the deduction on a nil-income basis was unsustainable. The Madras High Court also noted that the Tribunal overlooked the settled Supreme Court position and the appellate authority's reasoning, and restored the deduction granted to the assessee. Case-Laws Income Tax Tue, 18 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382395