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<h1>High Court allows section 80-I relief for profits under section 41(2)</h1> The High Court of Madras ruled in favor of the assessee, allowing relief under section 80-I for profits assessable under section 41(2) and receipts from ... Priority Industry The High Court of Madras ruled in favor of the assessee, allowing relief under section 80-I for profits assessable under section 41(2) and receipts from scrap sales. The decision was based on a Supreme Court ruling in Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84, which established that balancing charges must be considered before computing deductions under section 80E. The court held that the legal fiction under section 41(2) and the special deduction under section 80E are closely connected, allowing relief for profits under section 41(2).
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