TMI Blog1981 (1) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act "), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion: " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law, in holding that for the purpose of allowing deduction u/s. 80J, the rate of 6% per annum cannot be stretched any further to curtail the amount of relief admissible and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... smissed. The assessee, therefore, filed second appeal before the Tribunal. On behalf of the assessee, it was submitted before the Tribunal that the assessee was entitled to the deduction under s. 80J of the Act for the full 12 months and not for a period of one month only. This contention was upheld by the Tribunal. Aggrieved by the order passed by the Tribunal, the department submitted an applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act nowhere further provides for reduction of the amount of deduction on time basis, with reference to the working of the industrial undertaking.. The provisions of s. 80J of the Act which are intended to encourage the setting up of a new industrial enterprise have to be construed liberally. Even if a new undertaking has functioned for only a part of an accounting year, the deduction has to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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