Supreme Court of India
Mis. Ashok Leyland Ltd. Madras v. Commissioner of Income Tax, Madras
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What the Court ordered
We are of the opinion that reading the relevant portion of sub-section (1) of Section 80-I alongwith E the definition of "priority industry" in Section 80- B(7), it must be held that the profit and gains arising from import and sale of spare parts was attributable to the industry (priority industry) carried on by the assessee.
Judgment, page 4
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