https://www.taxtmi.com/caselaws?id=36350 The High Court of Madras ruled in favor of the assessee, allowing them to claim relief under section 80E of the Income-tax Act, 1961 for profits derived from sales of import entitlements. The Court emphasized the need for a direct nexus between the profits earned and the manufacturing activity to qualify for the relief. By interpreting the term "attributable to" broadly, the Court concluded that the profits from import entitlements were connected to the manufacturing, sale, and export activities, making them eligible for relief under section 80E. The assessee was also awarded costs, including counsel's fee of Rs. 500. en-us Wed, 19 Mar 1980 00:00:00 +0530 Sat, 20 Mar 2010 18:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36350 The High Court of Madras ruled in favor of the assessee, allowing them to claim relief under section 80E of the Income-tax Act, 1961 for profits derived from sales of import entitlements. The Court emphasized the need for a direct nexus between the profits earned and the manufacturing activity to qualify for the relief. By interpreting the term "attributable to" broadly, the Court concluded that the profits from import entitlements were connected to the manufacturing, sale, and export activities, making them eligible for relief under section 80E. The assessee was also awarded costs, including counsel's fee of Rs. 500. Case-Laws Income Tax Wed, 19 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36350