https://www.taxtmi.com/caselaws?id=29562 The court interpreted the term "such profits" under Section 80-I of the Income Tax Act, 1961, as referring to profits of priority industries without deducting losses from non-priority businesses. It held that deductions should be based solely on the profits of the priority industry. The court rejected the argument to include losses in computing deductions, emphasizing the legislative intent to provide relief to priority industries. The decision favored the assessee, with each party bearing their own costs. en-us Wed, 18 Feb 1981 00:00:00 +0530 Sat, 13 Mar 2010 17:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29562 The court interpreted the term "such profits" under Section 80-I of the Income Tax Act, 1961, as referring to profits of priority industries without deducting losses from non-priority businesses. It held that deductions should be based solely on the profits of the priority industry. The court rejected the argument to include losses in computing deductions, emphasizing the legislative intent to provide relief to priority industries. The decision favored the assessee, with each party bearing their own costs. Case-Laws Income Tax Wed, 18 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29562