https://www.taxtmi.com/caselaws?id=8947 Deduction under section 80E applies only to profits and gains attributable to an activity listed in the Fifth Schedule; the deduction equals 8% of those attributable profits and must be allowed in computing total income. The assessing authority may first set off losses against profits of the specified priority industry, and an assessee cannot require that such losses be first set off against profits of other businesses. The tribunal's interpretation of the provision was upheld and the reference decided in favour of the assessee with costs. en-us Wed, 31 May 1972 00:00:00 +0530 Tue, 20 Jan 2026 14:54:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8947 Deduction under section 80E applies only to profits and gains attributable to an activity listed in the Fifth Schedule; the deduction equals 8% of those attributable profits and must be allowed in computing total income. The assessing authority may first set off losses against profits of the specified priority industry, and an assessee cannot require that such losses be first set off against profits of other businesses. The tribunal's interpretation of the provision was upheld and the reference decided in favour of the assessee with costs. Case-Laws Income Tax Wed, 31 May 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8947