Benefit of deduction u/.s 80 K.

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....nistry of law have reconsidered the question of allowability of the benefit u/.s 80 K of the I.T.Act in the hands of the shareholders where the company does not possess adequate profits to get a deduction of the full amount mentioned in sec.80 J(1). The board have decided that the shareholder would be entitled to the benefit u/s.80 K of the Act only if the company has obtained the deduction u/s.80....

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....f any such changed position. There was also no such intention vide paragraph 46 of boards circular no.F.I.(408)67-TPL-51 dated the 9th OCTOBER 1967 which mentions profits as after set-off deficiency. 2. The boards Instruction No.227 dated the 6th October 1970 is accordingly hereby withdrawn. The board desire that the above instructions should be brought to the notice of all officers in your cha....