1979 (10) TMI 103 - AT - Income Tax

Summary

The Revenue's appeal was dismissed by the Appellate Tribunal ITAT CALCUTTA-C. The assessee, M/s. Techno Pipe works Engg. Co. (India) Pvt. Ltd., claimed deduction under s. 80J of the Act based on the inclusion of secured loans as part of capital. The ITO initially rejected this claim, but the AAC directed the ITO to compute the deduction following a decision of the Calcutta High Court. The Tribunal upheld the AAC's decision, stating that the capital for s. 80J relief was correctly computed as per the High Court's decision in Century Enka Ltd. Therefore, the Revenue's appeal was dismissed.