https://www.taxtmi.com/caselaws?id=20249 The High Court of GUJARAT set aside assessment orders under section 263 of the Income-tax Act, directing recalculation of profits for a co-operative society. The Court emphasized deductions under section 80P(2)(a)(iv) should be based on net income, not gross profits, and considered relevant expenditure. Relying on legal precedents, the Court clarified the calculation method for deductions, ruling in favor of the Revenue. The judgment underscored the importance of accurately determining net income for deductions under section 80P(2)(a)(iv) for co-operative societies engaged in specific activities. en-us Fri, 21 Jan 1994 00:00:00 +0530 Thu, 12 Nov 2009 17:00:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20249 The High Court of GUJARAT set aside assessment orders under section 263 of the Income-tax Act, directing recalculation of profits for a co-operative society. The Court emphasized deductions under section 80P(2)(a)(iv) should be based on net income, not gross profits, and considered relevant expenditure. Relying on legal precedents, the Court clarified the calculation method for deductions, ruling in favor of the Revenue. The judgment underscored the importance of accurately determining net income for deductions under section 80P(2)(a)(iv) for co-operative societies engaged in specific activities. Case-Laws Income Tax Fri, 21 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20249