1988 (11) TMI 55 - HC - Income Tax

Summary

The High Court ruled in favor of the assessee, Bhushan Industrial Co. (P.) Ltd., regarding deduction under section 80J of the Income-tax Act, 1961. The court held that the relief of 6% of the capital employed is intended for the full year and not proportionate to the period of machine use. The court cited previous judgments and circulars supporting this interpretation. The reference was answered in favor of the assessee, with no order as to costs.