1997 (1) TMI 18

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....ection 256(2) of the Income-tax Act, 1961 (for short "the Act"), by the Commissioner of Income-tax to the Appellate Tribunal, Delhi, to refer the following question of law to this court for opinion: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in allowing the deduction under section 80P(2)(a)(iv) of the Act, on the gross profit fr....

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....ut the proportionate expenses attributable to the exempt sales and incurred for earning such income should be deducted from the gross income. The proportionate expenses were worked out at Rs. 77,300. The Assessing Officer reduced the amount of the gross income by the aforesaid amount of expenses and granted exemption of net income of Rs. 1,11,996. The Commissioner of Income-tax upheld the assessm....