https://www.taxtmi.com/caselaws?id=29313 The Court ruled in favor of the petitioners, finding the notice challenging the deduction calculation under s. 80MM unsustainable. It emphasized deductions should be based on gross income, not net receipts, as per Supreme Court decisions. The Court quashed the notice under s. 147, agreeing the ITO's assumptions were incorrect and lacked valid grounds for reopening the assessment. Ultimately, relief was granted to the petitioners, and the Court ruled in their favor. en-us Fri, 25 Sep 1981 00:00:00 +0530 Fri, 12 Mar 2010 11:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29313 The Court ruled in favor of the petitioners, finding the notice challenging the deduction calculation under s. 80MM unsustainable. It emphasized deductions should be based on gross income, not net receipts, as per Supreme Court decisions. The Court quashed the notice under s. 147, agreeing the ITO's assumptions were incorrect and lacked valid grounds for reopening the assessment. Ultimately, relief was granted to the petitioners, and the Court ruled in their favor. Case-Laws Income Tax Fri, 25 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29313