https://www.taxtmi.com/highlights?id=64824 Loss from other source [wrongly shown as interest] and set off u/s.71 - assessee had opted for the deeming provision contemplated u/s.44AD of the Act but had separately raised a claim for deduction of certain business expenses - The mandate of law to the said effect can safely be gathered from a perusal of sub-section (2) of Section 44AD any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed. - AT en-us Wed, 27 Jul 2022 08:41:10 +0530 Wed, 27 Jul 2022 08:41:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64824 Loss from other source [wrongly shown as interest] and set off u/s.71 - assessee had opted for the deeming provision contemplated u/s.44AD of the Act but had separately raised a claim for deduction of certain business expenses - The mandate of law to the said effect can safely be gathered from a perusal of sub-section (2) of Section 44AD any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed. - AT Highlights Income Tax Wed, 27 Jul 2022 08:41:10 +0530 https://www.taxtmi.com/highlights?id=64824