https://www.taxtmi.com/caselaws?id=26524 The High Court held that profit from the sale of import entitlements by an assessee engaged in the priority industry of manufacturing tea garden machinery was eligible for deduction under Section 80E of the Income-tax Act, 1961. The court emphasized that since the import entitlements were obtained through exporting products of the priority industry, the profit from their sale was attributable to the business of the priority industry. The judgment reinforced the requirement of a direct connection between the income and the business of the priority industry for claiming deductions under Section 80E. en-us Wed, 04 Sep 1985 00:00:00 +0530 Fri, 05 Feb 2010 15:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26524 The High Court held that profit from the sale of import entitlements by an assessee engaged in the priority industry of manufacturing tea garden machinery was eligible for deduction under Section 80E of the Income-tax Act, 1961. The court emphasized that since the import entitlements were obtained through exporting products of the priority industry, the profit from their sale was attributable to the business of the priority industry. The judgment reinforced the requirement of a direct connection between the income and the business of the priority industry for claiming deductions under Section 80E. Case-Laws Income Tax Wed, 04 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26524