Clarification regarding admissibility of Sec 80MM benefits.

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..... f expenditure incurred in earning income. The supreme court in its judgment in case of cloth traders delivered on 4-5-79 observed that the amount of deduction(118 ITR 243) should be worked out w.r.t. gross income .sec.80AB inserted by the Finance Act, 1980 provides that the deduction u/s.80 MM should be worked out w.r.t. net income. Sec.80 AB has been made effective from 1-4-81 and not retrospecti .....

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