Deduction in respect of profits and gains from business of live-stock preceding or poultry or dairy farming.

80JJ. Where the gross total income of an assessee includes any profits and gains derived from a business of live stock breeding, or poultry or dairy farming, there shall be allowed, in computing the total income of the assessee, a deduction as specified hereunder, namely : —

(a) in a case where the amount of such profits and gains does not exceed, in the aggregate, ten thousand rupees, the whole of such amount; and

(b) in any other case, one-third of the aggregate amount of such profits and gains or ten thousand rupees, whichever is higher.

[As amended by the Finance Act, 1975 and by the Finance Act, 1974]