1989 (2) TMI 49 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessee, Kansal Hosiery Works, regarding relief under section 80J of the Income-tax Act, 1961 for the assessment year 1975-76. The court held that the assessee is entitled to deduction for a whole year for the new industrial undertaking, Kansal Hosiery Mills, despite it being set up in the last month of the accounting period. The decision was based on a previous case and a circular issued by the Board of Revenue.