2002 (12) TMI 48

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..... g to the assessment years 1979-80 and 1980-81, the Income-tax Appellate Tribunal at the instance of the Revenue has referred the following questions for opinion under section 256(1) of the Income-tax Act, 1961: Common question for both the assessment years 1979-80 and 1980-81: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the va .....

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..... ction under section 80J by excluding the value of the work-in-process in the capital employed. Being aggrieved by the aforesaid order, the assessee filed an appeal before the Commissioner of Income-tax (Appeals) who accepted the claim of the assessee. The Tribunal following the judgment of this court in the case of CIT v. Alcock Ashdown and Co. Ltd. [1979] 119 ITR 164 upheld the order of the Comm .....

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..... the assessment year 1979-80 only. In this assessment year the assessee sought deduction under section 80-O on the gross earning instead of net income. The Income-tax Officer did not accept the claim of the assessee and allowed deduction only on the net earning. On appeal, the Commissioner of Income-tax (Appeals) accepted the claim of the assessee by following the decision of the Madras High Court .....

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