1990 (11) TMI 16

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..... ) of the Income-tax Act, 1961, for the assessment year 1980-81, the following questions of law have been referred to this court : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessee was entitled to investment allowance in respect of its 'Deep Sea Fishing Division 11 Unit' ? 2. Whether, on the facts and in the circumstances .....

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..... Carbide India Ltd. v. CIT [1987] 165 ITR 558). Following the said decision, we answer the second question in the affirmative and in favour of the assessee. The third question is also concluded by the decision of this court in the case of this assessee (CIT v. Union Carbide India Ltd. [1987] 165 ITR 550). Following the said decision, we answer the third question in the affirmative and in favour .....

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..... hing and/or processing of fish cannot be said to produce an article or thing and such activities do not constitute an industrial undertaking. The Commissioner of Income-tax (Appeals), following the order of the Tribunal in the assessee's own case for the assessment year 1978-79, allowed the claim of the assessee. The Tribunal, however, upheld the said order of the Commissioner of Income-tax (Appe .....

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..... inter alia, production of articles or things except certain articles or things specified in the list to the Eleventh Schedule. The question is whether the assessee produces any article in its Deep Sea Fishing Division. The operations carried out by the assessee in the Deep Sea Fishing Division, the natural produce, i.e., the shrimps caught from the deep seas, was converted into frozen fish and f .....

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..... section 32A, such items should be capable of being produced or manufactured. In our view, the processing of fish in this case amounted to production of an article. Therefore, the Deep Sea Fishing Division of the assessee which is an industrial undertaking within the meaning of section 80J is also entitled to relief under section 32A of the Act. For the reasons aforesaid, the first question is ans .....

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