https://www.taxtmi.com/caselaws?id=33700 The court ruled in favor of the assessee, stating that deductions under section 48(2) of the Income-tax Act should be allowed on the amount calculated under section 48(1) before giving deductions under sections 53 and 54 for the assessment year 1989-90. The judgment clarified the correct interpretation of the law in this context, emphasizing that there is no restriction in the Act requiring deductions under section 48(2) to be given after calculating exemptions under sections 53 and 54. en-us Fri, 25 Apr 2008 00:00:00 +0530 Fri, 05 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33700 The court ruled in favor of the assessee, stating that deductions under section 48(2) of the Income-tax Act should be allowed on the amount calculated under section 48(1) before giving deductions under sections 53 and 54 for the assessment year 1989-90. The judgment clarified the correct interpretation of the law in this context, emphasizing that there is no restriction in the Act requiring deductions under section 48(2) to be given after calculating exemptions under sections 53 and 54. Case-Laws Income Tax Fri, 25 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33700