https://www.taxtmi.com/caselaws?id=36019 Section 80E deduction had to be computed only after total income was first determined under the Act, so losses from non-priority business were required to be set off before applying the 8% deduction on profits attributable to the specified industry. The statutory scheme did not permit isolation of priority-industry profits from other business losses for the purpose of calculating the deduction, and the construction in Cambay Electric Supply Industrial Co. Ltd. was treated as confirming that approach. The assessee's method of ignoring non-priority losses was therefore inconsistent with the provision. en-us Thu, 13 Dec 1979 00:00:00 +0530 Thu, 18 Mar 2010 18:37:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36019 Section 80E deduction had to be computed only after total income was first determined under the Act, so losses from non-priority business were required to be set off before applying the 8% deduction on profits attributable to the specified industry. The statutory scheme did not permit isolation of priority-industry profits from other business losses for the purpose of calculating the deduction, and the construction in Cambay Electric Supply Industrial Co. Ltd. was treated as confirming that approach. The assessee's method of ignoring non-priority losses was therefore inconsistent with the provision. Case-Laws Income Tax Thu, 13 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36019