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TMI Blog1999 (10) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 256(1) of the Income-tax Act, 1961, has referred the following question for the opinion of this court : "Whether the Tribunal was correct in holding that the relief under section 80J of the Act is allowable for the relevant year without any reduction with reference to the actual period of working of the factory during the relevant year ?" The aforesaid question is stated to arise out of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reting the words 'per annum' in section 80J to mean for the entire year ?" The Tribunal, however, thought that questions Nos. 2 and 3 may be clubbed together and may be referred for the opinion of the High Court in the form as stated above. Thus, in fact, the Tribunal has referred two questions as under : "1. Whether, the Tribunal was correct in directing that the borrowed capital should be in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mployed in the new industrial undertaking. This issue has since been decided in favour of the assessee by their Lordships of the Allahabad High Court in the case of Kota Box Manufacturing Co. v. ITO [1980] 123 ITR 638 (Appex); [1978] U. P. T. C. 392, and accordingly we reverse the order of the Appellate Assistant Commissioner and direct that the capital employed may be worked out in accordance wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e rule 19A was effective from April 1, 1972, and, therefore, according to him, rule 19A was not applicable and according to law as it stood for the assessment year 1971-72 any moneys borrowed from approved sources for creation of capital assets in India were to be included in the borrowed capital if the agreement under which such moneys are borrowed provides for the repayment thereof during a peri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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