Section 80K of ITA, 1961 : Section 80K: [Omitted]

Explanation using Example

Imagine a scenario where Mr. Sharma, a taxpayer, was planning to claim a deduction under Section 80K of the Income-tax Act, 1961, for the interest he earned on certain government securities. However, when he approached his tax consultant in 1987, he was informed that Section 80K had been omitted by the Finance Act of 1986, effective from April 1, 1987. Therefore, Mr. Sharma could no longer claim this deduction on his tax return for the income earned in the financial year 1987-88 and onwards.