1971 (8) TMI 46

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y VEERASWAMI C.J.-This batch of tax cases is concerned with the question whether the Tribunal's view that the deductions under section 80-I of the Income-tax Act should be applied to the profits and gains attributable to any priority industry before rule 8 of the Income-tax Rules is applied to ascertain the agricultural income chargeable to tax. What the Income-tax Officer appears to have done ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....wable under the provisions of the Agricultural Income-tax Act. This view did not prevail eventually with the Tribunal, in our opinion, quite rightly. We agree that no deduction under the Agricultural Income-tax Act is contemplated as under section 80-I of the Income-tax Act. Under the Constitution " agricultural income " has been defined by article 366 to mean agricultural income as defined in ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....isions of the Act, that is to say, after allowing the deductions including those under chapter VI-A of the Income-tax Act. If that has not been done, and the Income-tax Officer, for the purpose of the Income-tax Act, has, before applying section 80-I determined the forty per cent. of the income from which he deducted the 8 per cent. under section 80-I, the balance of the income could not be taken ....