Clarification regarding admissibility of Sec 80MM benefits.

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..... ited to para 2(iii) of boards instruction No.580 dated 1-8-78 wherein it was directed that computation of deduction u/s.80 MM should be worked out w.r.t. net income after deduction of expenditure incu .....

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..... e judgment of the supreme court that the deduction should be worked out w.r.t. gross income applies to assessments upto and inclusive of assessment year 1980-81. 2. The above may kindly be brought to .....

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