1984 (7) TMI 3 - HC - Income Tax

Summary

The High Court of Andhra Pradesh ruled in favor of the assessee on two questions referred by the Income-tax Appellate Tribunal. The first question was answered affirmatively based on a previous decision. The second question concerned the deduction under section 80J of the Income-tax Act for a new industrial undertaking that operated for only part of the year. The court held that the deduction is permissible regardless of the duration of operation, citing various precedents and a circular from the Central Board of Direct Taxes. The second question was also answered in favor of the assessee.