1990 (7) TMI 25 - HC - Income Tax

Summary

The High Court of Bombay rejected the Department's application to refer questions of law regarding the eligibility of assets for relief under section 80J of the Income-tax Act. The court held that assets used for scientific research are considered part of the capital employed in the industrial undertaking, regardless of whether they were fully deducted under section 35(2)(ia). The court discharged the rule with no costs awarded.