1987 (3) TMI 45 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee regarding the application of section 80J(3) of the Income-tax Act, 1961. The court held that the deduction should not be reduced proportionately based on the period the industrial undertaking operated. The decision was influenced by previous rulings and a circular issued by the Central Board of Direct Taxes. The judgment was delivered by Judge Bharucha.