1997 (12) TMI 15 - SCH - Income Tax

Whether on the facts and in the circumstances of the case and in law the cost of uninstalled machinery of 14, 71, 833 is to be taken into account in the computation of the capital for computing the relief under section 80J - High Court answered the question in favour of the assessee relying on the decision in the case of CIT v Cibatul Ltd. This judgment has been approved by Apex Court in the case of CIT v Alcock Ashdown and Co. Ltd. - hence revenue appeal is dismissed

Summary

The Supreme Court dismissed the appeal regarding the inclusion of the cost of uninstalled machinery in the computation of capital for relief under section 80J of the Act. The High Court's decision in favor of the assessee was upheld, citing precedent cases. No costs were awarded. (Case Citation: 1997 (12) TMI 15 - SC)