https://www.taxtmi.com/caselaws?id=24704 Section 80P deduction under section 80P(1) read with section 80P(2)(a) is confined to income attributable to the specified co-operative society activities, not the entire gross receipts from those activities. The expression "gross total income" is read with section 80B(5), so the deductible amount is the profits and gains computed under the Act before Chapter VI-A deductions. Section 80AB is treated as clarificatory and consistent with that construction even for earlier assessment years. On that basis, only the income attributable to the qualifying activities is deductible, and the gross amount claimed is not fully allowable. en-us Wed, 22 Jun 1988 00:00:00 +0530 Thu, 21 Jan 2010 18:05:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24704 Section 80P deduction under section 80P(1) read with section 80P(2)(a) is confined to income attributable to the specified co-operative society activities, not the entire gross receipts from those activities. The expression "gross total income" is read with section 80B(5), so the deductible amount is the profits and gains computed under the Act before Chapter VI-A deductions. Section 80AB is treated as clarificatory and consistent with that construction even for earlier assessment years. On that basis, only the income attributable to the qualifying activities is deductible, and the gross amount claimed is not fully allowable. Case-Laws Income Tax Wed, 22 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24704