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1978 (8) TMI 26

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..... rukhabad Electric Supply Company, the assessee, is a " Priority Industry " within the meaning of s. 80B(7) of the I.T. Act, 1961. It claimed that it is entitled to a deduction from its income at the rate of 8% of its profits and gains attributable to its activities as a " priority industry ". The ITO accepted the statement, except in respect of a sum of Rs. 46,320 which was the income of the asses .....

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..... profits and gains of the assessee's business as a priority industry is correct in law ? " The relevant phrase is " profits and gains attributable to the assessee's business as specified industry ". This phrase in s. 80E(1) was interpreted in Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84. The Supreme Court held that the expression " attributable to " is different from the ex .....

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