1997 (12) TMI 26 - HC - Income Tax

Summary

The High Court of Madras considered whether the value of goods in transit should be included in working out the deficiency for relief under section 80J of the Income-tax Act, 1961. The court referred to a Supreme Court decision in CIT v. Alcock Ashdown and Co. Ltd. [1997] 224 ITR 353, which held that the value of work-in-progress should be considered for the relief under section 80J. The High Court upheld the Appellate Tribunal's decision, ruling in favor of including the value of goods in transit for the relief under section 80J.