1999 (12) TMI 5 - GUJARAT HIGH COURT

New Industrial Undertaking, Special Deduction, Trust - "(1) Whether the Appellate Tribunal is right in law and on facts in allowing the deduction under section 80L to the assessee-trust treating the status as individual? - (2) Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 1,99,12,300 being interest paid by the assessee-trust to its beneficiaries? - (3) Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 8,40,000 made on account of estimate of earned interest at the rate of 12 percent, on bank fixed deposits of Rs. 70 lakhs existing in the name of the beneficiaries? - (4) Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 6,49,726 made on account of interest on deposits amount to Rs. 1.70 crores made by the assessee-trust with Norma Detergent Pvt. Ltd., and on behalf of the beneficiaries? - (5) Whether the Appellate Tribunal is right in law and on facts in allowing the deduction under section 80-I of the Act - we find that there is no merit in the appeal, and the appeal stands dismissed.