TMI Blog1985 (12) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... appeals filed by the department relate to the same assessee. Hence, they are heard together and disposed of by this common order for the sake of convenience. 2. The first common ground for all the appeals states that the Commissioner (Appeals) erred in holding that the preoperative project expenses formed a part of the capital employed for the purpose of relief under section 80J of the Income-ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncorporation of the assessee-company. These expenses were incurred after the company came into being. They were expenses incurred in the course of setting up of the business. These expenses brought into existence a valuable asset which is reflected in the assets side of the balance sheet. They are different from the preliminary expenses referred to in section 35D and so the decision in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmissioner (Appeals) erred in directing the ITO to admit the assessee's claim for investment allowance in respect of the assessment years 1977-78 and 1978-79. Shri S.P. Chaliha urged before us that the Commissioner (Appeals) could not have given a direction to allow investment allowance in respect of a year which was not before him. On the other hand, Shri S.C. Majumdar supported the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the parties as well as the facts on record. We have gone through the provisions of section 32A(3) and (4). We have also gone through the Circular No. 305 dated 12-6-1981 of the CBDT. Section 32A(9) has been enacted, in order to safeguard the interest of the assessee as is explained in the aforesaid circular. It is evident from the provisions of section 32A(3) and section 32A(4) that investment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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