1983 (1) TMI 47

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....iness in the manufacture and sale of electrical conductors. The assessee claimed relief under section 80-I before the ITO. The ITO computed the total business income at Rs. 10,48,390 and after deducting therefrom the profits obtained by sale of the car as also the scrap sales arrived at a net figure of Rs. 10,47,519. The ITO gave relief of 5 per cent. on this which amounted to Rs. 52,376 as the re....

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....rofit assessable under section 41(2) and receipts by way of sale of scraps for assessment year 1972-73 ? The said question is now covered by a decision of the Supreme Court in Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84. In that case, the. Supreme Court has held that in computing the total income of the assessee carrying on the business of an industry specified under secti....