https://www.taxtmi.com/caselaws?id=35769 The High Court of Madras ruled in favor of the assessee, a company engaged in manufacturing air-compressor equipment, in a case involving the interpretation of income under section 80-I of the Income-tax Act, 1961 for sub-contracts and sale of scraps. The Court held that income from sub-contracts and sale of scraps, being related to the priority industry, qualifies for relief under section 80-I. The Court emphasized that the income "attributable to" a priority industry is wider than "derived from," rejecting the contention that income from sub-contracts should be treated similarly to interest income. en-us Wed, 29 Jul 1981 00:00:00 +0530 Tue, 16 Mar 2010 15:37:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35769 The High Court of Madras ruled in favor of the assessee, a company engaged in manufacturing air-compressor equipment, in a case involving the interpretation of income under section 80-I of the Income-tax Act, 1961 for sub-contracts and sale of scraps. The Court held that income from sub-contracts and sale of scraps, being related to the priority industry, qualifies for relief under section 80-I. The Court emphasized that the income "attributable to" a priority industry is wider than "derived from," rejecting the contention that income from sub-contracts should be treated similarly to interest income. Case-Laws Income Tax Wed, 29 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35769