https://www.taxtmi.com/caselaws?id=16129 Deduction under ss. 80E/80-I for a priority industry turned on whether various receipts were "attributable to" the eligible business, requiring a proximate nexus. Selling agency commission earned under an independent agency agreement, though assessed as business income, did not arise from the assessee's priority industry and was held ineligible for deduction. Job-work receipts had a direct connection with the priority industry and were held eligible. Interest collected from customers for delayed payment of sale price was treated as part of sale proceeds with close nexus to job-work receipts and was held eligible. Interest on mandatory deposits with the Electricity Board was held eligible, but interest from surplus bank funds, chit deposits, and advance-tax-related amounts was held ineligible as sourced from deposits. Exchange fluctuation gains under the contract were held attributable to the priority industry and eligible. en-us Tue, 03 Feb 1998 00:00:00 +0530 Tue, 30 Dec 2025 14:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16129 Deduction under ss. 80E/80-I for a priority industry turned on whether various receipts were "attributable to" the eligible business, requiring a proximate nexus. Selling agency commission earned under an independent agency agreement, though assessed as business income, did not arise from the assessee's priority industry and was held ineligible for deduction. Job-work receipts had a direct connection with the priority industry and were held eligible. Interest collected from customers for delayed payment of sale price was treated as part of sale proceeds with close nexus to job-work receipts and was held eligible. Interest on mandatory deposits with the Electricity Board was held eligible, but interest from surplus bank funds, chit deposits, and advance-tax-related amounts was held ineligible as sourced from deposits. Exchange fluctuation gains under the contract were held attributable to the priority industry and eligible. Case-Laws Income Tax Tue, 03 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16129