https://www.taxtmi.com/caselaws?id=34380 The court clarified that deductions on income from long term finance under Section 36(1)(viii) of the Income Tax Act, 1961, should be based solely on profits from that specific business, excluding losses from other activities. It held that prior to a 1996 amendment, deductions were permissible from total income, including losses. The court emphasized that errors apparent on the record, such as failing to consider losses while calculating deductions, justified rectification under Section 154. The judgment favored the revenue, allowing the rectification of such errors and emphasizing the importance of considering total income for deductions. en-us Mon, 17 Aug 2009 00:00:00 +0530 Mon, 24 Aug 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34380 The court clarified that deductions on income from long term finance under Section 36(1)(viii) of the Income Tax Act, 1961, should be based solely on profits from that specific business, excluding losses from other activities. It held that prior to a 1996 amendment, deductions were permissible from total income, including losses. The court emphasized that errors apparent on the record, such as failing to consider losses while calculating deductions, justified rectification under Section 154. The judgment favored the revenue, allowing the rectification of such errors and emphasizing the importance of considering total income for deductions. Case-Laws Income Tax Mon, 17 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34380