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.

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. https://www.taxtmi.com/circulars?id=10084 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. en-us Fri, 24 Aug 1973 00:00:00 +0530 Fri, 17 Jun 2011 18:08:00 +0530 TaxTMI RSS Generator 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. https://www.taxtmi.com/circulars?id=10084 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. Circulars Income Tax Fri, 24 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10084