2001 (4) TMI 59 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the assessee, a private limited company engaged in manufacturing and exporting garments, in a dispute regarding eligibility for deduction under section 80J of the Income-tax Act, 1961. The court held that the assessee qualified as an industrial undertaking and was entitled to the deduction. The judgment was based on a previous case, NuLook (P.) Ltd. v. CIT [1986] 157 ITR 253, where a similar activity was considered within the definition of an "industrial company." The court answered the question in the affirmative, in favor of the assessee and against the Revenue.