Whether the profits earned by an assessee carrying on a priority industry which are assessable u/s.41(2) of the I.T.Act, 1961 can be treated as profits attributable to the priority industry and whether relief u/s.80-I (earlier section 80-E) of I.T.Act, 1961 can be allowed in respect of such profits.

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..... BDT Dated : August 24, 1973 Section(s) Referred: 41(2) ,80I Statute: Income - Tax Act, 1961 The Board had occasion to consider the question whether the profits earned by an assessee carrying on a priority industry which are assessable u/s.41(2) of the I.T.Act, 1961 can be treated as profits attributable to the priority industry and whether relief u/s.80-I (earlier section 80-E) of .....

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..... ch is not attributable to the carrying on of the business of priority industry, will not qualify for deduction u/s.80-I 3. Necessary instructions may please be issued to the officers working in your charge on the lines indicated above. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - T .....

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