https://www.taxtmi.com/caselaws?id=63897 The Tribunal held that for the purpose of claiming deductions under section 80P(2)(a)(iii) of the Income-tax Act, the deduction should not be allowed on gross profit alone but should consider all business expenses, including normal depreciation, to ascertain the profits and gains attributable to the marketing of agricultural produce. The Tribunal emphasized that profits and gains of a business should be understood in a commercial sense, based on ordinary principles of commercial trading, rather than solely on gross profit. The Tribunal's decision clarified the interpretation of the provision and highlighted the importance of considering all relevant business expenses in determining eligible deductions. en-us Mon, 13 Aug 1984 00:00:00 +0530 Wed, 02 Feb 2011 16:06:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63897 The Tribunal held that for the purpose of claiming deductions under section 80P(2)(a)(iii) of the Income-tax Act, the deduction should not be allowed on gross profit alone but should consider all business expenses, including normal depreciation, to ascertain the profits and gains attributable to the marketing of agricultural produce. The Tribunal emphasized that profits and gains of a business should be understood in a commercial sense, based on ordinary principles of commercial trading, rather than solely on gross profit. The Tribunal's decision clarified the interpretation of the provision and highlighted the importance of considering all relevant business expenses in determining eligible deductions. Case-Laws Income Tax Mon, 13 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63897