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TMI Blog1982 (6) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellate Tribunal is as follows : Whether, on facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the amount of dash subsidy received by the assessee on its exports would be attributable to the priority industry eligible for relief under section 80E of the Income-tax Act, 1961, and, therefore, relief under that provision should be granted ? " The assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riority industry, was " attributable " to the priority industry. Following an earlier decision of theirs in another assessee's case, the Tribunal, disagreeing with the ITO, held that the cash subsidy granted by the Government to the assessee must be regarded as profits SC attributable" to the priority industry. The earlier decision, which the Tribunal had followed in this case, itself was the subj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rity industry, can be regarded as part of the profits " attributable " to the priority industry. The Supreme Court held that although there might be some doubt whether the balancing charge can be regarded as profits derived from the priority industry, certainly such profits must be brought within the wider expression "attributable to". The, judgment of the Supreme Court in the above case was follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given by the Government to the assessee. In these circumstances, we think the Tribunal was quite right in applying the principles enunciated by this court as well as the Supreme Court in the decisions referred to above and in coming to the conclusion that the cash subsidy must be regarded as " attributable " to the priority industry. The present case actually seems to be an fortiori one, because a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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