https://www.taxtmi.com/caselaws?id=27787 The High Court of BOMBAY ruled in favor of the assessee in a case concerning the interpretation of deduction u/s 80-I of the Income-tax Act, 1961 for profits from machining charges and interest on outstanding sale proceeds of machines. The Court held that the income from machining charges and interest on deferred payments had a direct nexus to the priority industry, making it eligible for deductions under s. 80-I. The assessee, engaged in the manufacture and sale of machinery for the sugar industry, was entitled to the deductions, with the Revenue directed to bear the costs of the reference. en-us Thu, 25 Aug 1983 00:00:00 +0530 Tue, 16 Feb 2010 10:54:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27787 The High Court of BOMBAY ruled in favor of the assessee in a case concerning the interpretation of deduction u/s 80-I of the Income-tax Act, 1961 for profits from machining charges and interest on outstanding sale proceeds of machines. The Court held that the income from machining charges and interest on deferred payments had a direct nexus to the priority industry, making it eligible for deductions under s. 80-I. The assessee, engaged in the manufacture and sale of machinery for the sugar industry, was entitled to the deductions, with the Revenue directed to bear the costs of the reference. Case-Laws Income Tax Thu, 25 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27787