1990 (8) TMI 68 - HC - Income Tax

Summary

The High Court of Bombay dismissed the Department's notice of motion seeking to raise three questions of law regarding the interpretation of 'capital employed in the industrial undertaking' under section 80J of the Income-tax Act, 1961. The Tribunal's appellate order was upheld, stating that the decision in Lohia Machines Ltd. did not apply to the assessment years in question (1970-71 and 1971-72). The court held that the questions raised were not debatable and were already covered by a question previously referred. The notice of motion was dismissed with no order as to costs.