https://www.taxtmi.com/caselaws?id=29234 Deduction under section 80-I was computed on the profits and gains attributable to the priority industry in their commercial sense, without first reducing them by the unabsorbed development rebate of that industry, because the provision was treated as a fiscal incentive not requiring computation under the Act in the same manner as total income; the issue was decided for the assessee. Cash allowance paid to employees was held not to constitute perquisites for disallowance under section 40(a)(v), the earlier authority on the point being applied, and that issue was also decided for the assessee. The reference was thus resolved entirely against the Revenue. en-us Thu, 19 Mar 1981 00:00:00 +0530 Thu, 11 Mar 2010 15:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29234 Deduction under section 80-I was computed on the profits and gains attributable to the priority industry in their commercial sense, without first reducing them by the unabsorbed development rebate of that industry, because the provision was treated as a fiscal incentive not requiring computation under the Act in the same manner as total income; the issue was decided for the assessee. Cash allowance paid to employees was held not to constitute perquisites for disallowance under section 40(a)(v), the earlier authority on the point being applied, and that issue was also decided for the assessee. The reference was thus resolved entirely against the Revenue. Case-Laws Income Tax Thu, 19 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29234