1984 (1) TMI 338

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....rpreting the Supreme Court decision in the case of Cambay electric Supply & Industrial Company Ltd. 1978 CTR (SC) 50: (1978) 113 ITR 84(SC) to mean that the loss incurred in non-priority industry could not be set off against the profits and gains of a priority industry run by the same assessee even according to the steps set out for such working at Para 91 of the report ?" 2. "Whether on the fact and in the circumstances of the case, the Tribunal was right in confirming the order of the CIT(A) directing that the deduction at 8 per cent should be allowed on the profit of the priority industry even though for the years under consideration the gross total income as computed under s. 80-B(5) is nil or negative ?" The Tribunal b....

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....on, a deduction from such profits and gains of an amount equal to eight per cent thereof, in computing the total income of the company. xx xx xx xx xx Sec. 80-J is also similarly worded. The first part of these two sections refers to the gross total income and its sets out that when the gross total income of the company includes any profits and gains attributable to any priority industry, the deductions in accordance with that action is required to be given from such profits and gains while computing the total income of the company. There is a similar provision under s. 80-J. The words such profits and gains clearly refer to the profits and gains attributable to the priority industry in question. This section cannot be interpreted to ....