Whether the profits earned by an assessee carrying on a priority industry which are assessable u/s.41(2) of the I.T.Act, 1961 can be treated as profits attributable to the priority industry and whether relief u/s.80-I (earlier section 80-E) of I.T.Act, 1961 can be allowed in respect of such profits.
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Priority industry income attribution determines eligibility for tax deduction; only operational receipts qualify for the deduction. Only income directly attributable to the carrying on of the business of a priority industry qualifies for the deduction under section 80-I; incidental or non-operational receipts such as proceeds from sale of redundant scrap or receipts from business sales or takeovers that are not integral to the core operations must be excluded from eligible profits.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Priority industry income attribution determines eligibility for tax deduction; only operational receipts qualify for the deduction.
Only income directly attributable to the carrying on of the business of a priority industry qualifies for the deduction under section 80-I; incidental or non-operational receipts such as proceeds from sale of redundant scrap or receipts from business sales or takeovers that are not integral to the core operations must be excluded from eligible profits.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
