1996 (11) TMI 45 - HC - Income Tax

Business Income Income From Other Sources Industrial Undertaking Manufacture Or Produce Manufacture Or Production Special Deduction

Summary

The High Court of Delhi ruled that lease money received by the assessee was assessable under section 28, not section 56 of the Income-tax Act for the assessment year 1974-75. The Tribunal was correct in allowing development rebate and deduction under section 80J. However, the assessee was not entitled to deduction under section 80J as it did not have control over the machinery, leading to a negative verdict in favor of the Revenue.