1988 (1) TMI 33 - HC - Income Tax

Summary

The High Court of Madhya Pradesh upheld the decision of the Income-tax Appellate Tribunal, ruling that the assessee was not entitled to deduction under section 80J of the Income-tax Act for the assessment year 1975-76. The Tribunal found that the business was new and machinery was transferred from an individual business, triggering section 80J(4)(ii) disallowance. The court affirmed the Tribunal's decision, stating it was based on factual findings.