https://www.taxtmi.com/caselaws?id=19720 The High Court ruled against the assessee in a case concerning the computation of total income and deductions under section 80M. The court held that the deduction under section 80M was inapplicable as the gross total income was "nil" before deductions. It also found errors in the Tribunal's decision regarding the Commissioner of Income-tax's order under section 263 and the option to not set off losses against income. The court emphasized the need to compute total income considering all sources and rejected the assessee's contentions. The case was decided in favor of the Revenue, with no costs awarded. en-us Wed, 15 Dec 1993 00:00:00 +0530 Mon, 19 Jun 2017 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19720 The High Court ruled against the assessee in a case concerning the computation of total income and deductions under section 80M. The court held that the deduction under section 80M was inapplicable as the gross total income was "nil" before deductions. It also found errors in the Tribunal's decision regarding the Commissioner of Income-tax's order under section 263 and the option to not set off losses against income. The court emphasized the need to compute total income considering all sources and rejected the assessee's contentions. The case was decided in favor of the Revenue, with no costs awarded. Case-Laws Income Tax Wed, 15 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19720