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1972 (5) TMI 17 - HC - Income TaxWhen assessee had income from Tea Industry and had loss in another business whether deduction of 8% from profits under s. 80E is to be made from the profits of Tea or from Tea less other loss - " Whether Tribunal was justified in holding that for the purpose of allowing a deduction under section 80E the words such profits' occurring in that section mean ' the profits and gains attributable to an activity as specified in the 5th Schedule ' before deducting any loss incurred in any business activity ? The language of the provision is clear and the view taken by the Tribunal, in our opinion, is right. Accordingly, we answer the question referred in the affirmative and against the department.
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