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1986 (7) TMI 5 - SC - Income Tax
Priority Industry - whether, in computing the profits for the purpose of deduction under section 80E of the Income-tax Act, 1961, the loss incurred by the assessee in the manufacture of alloy steels could not be set off against the profits of the manufacture of automobile ancillaries - held that assessee is entitled to a deduction of 8% on the entire profits of one priority industry without deducting loss in the other priority industry.