2002 (9) TMI 77

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..... orks Ltd. and leased out dated November 26, 1979, should be treated as part of the capital employed for the purpose of computing relief under section 80J of the Act?" - When the assessee receives rent by leasing out the manufacturing facility, it cannot also be said that the income is derived from the industrial undertaking. The value of the leased assets, therefore, had been rightly excluded by t .....

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..... ic soda. The assessee had leased out plant and machinery of the value of Rs. 23,46,154 to Dharangdhara Chemical Works Ltd. The lease of the machinery was for a period of ten years. The value of the machinery so leased was directed to be excluded from the computation of the capital of the assessee for working out the relief under section 80J of the Income-tax Act by the revisional order of the Comm .....

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..... e for the manufacture or production of any article. The manufacture or production is by the assessee of those machineries. When the assessee receives rent by leasing out the manufacturing facility, it cannot also be said that the income is derived from the industrial undertaking. The value of the leased assets, therefore, had been rightly excluded by the Commissioner. The Tribunal was in error in .....

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