9911796707
TMI Blog1999 (10) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... and 15223 of 1993. "Whether, on the facts and in the circumstances of the case, the assessee is entitled to deduction under section 80HHA of the Income-tax Act, 1961 ?" The factual position as set out in the statement of case is as follows : The assessee is engaged in the business of manufacture and sale of paper. It claims to have commenced production in the previous year ending on March 31, 1985. In the balance-sheet, the aggregate cost of plant and machinery as on March 31, 1988, and March 31, 1989, relevant to the assessment years 1988-89, and 1989-90, is reflected as Rs. 52,95,028 and Rs. 63,05,477, respectively. The Assessing Officer was of the view that the claim for deduction under section 80HHA of the Act is impermissible. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned counsel for the Revenue submitted that the applicability of the press note referred to by the Tribunal was a matter of dispute as the binding effect thereof was not discussed by the Tribunal. Learned counsel for the assessee, Sri Balachandran, brought to our notice the change of provision itself and submitted that the relief has been rightly granted by the Tribunal. It is to be noted that in the Explanation to sub-section (8) of section 80HHA, the earlier provision was substituted and presently it reads as follows : "(b) an industrial undertaking shall be deemed to be a small scale industrial undertaking which is, on the last day of the previous year, regarded as a small-scale industrial undertaking under section 11B of the Indust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fective in,--- (a) promoting in a harmonious manner the industrial economy of the country and easing the problem of unemployment, and (b) securing that the ownership and control of the material resources of the community are so distributed as best to subserve the common good, specify, having regard to the factors mentioned in sub-section (2) by notified order, the requirements which shall be complied with by an industrial undertaking to enable it to be regarded, for the purposes of this Act, as an ancillary, or a small scale industrial undertaking and different requirements may be so specified for different purposes or with respect to industrial undertakings engaged in the manufacture or production of different articles: Provided th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Houses agree in making any modification in the proposed notified order, the notified order shall not be made or, as the case may be, shall be made only in such modified form as may be agreed upon by both the Houses. (4) Notwithstanding anything contained in sub-section (1), an industrial undertaking which, according to the law for the time being in force, fell, immediately before the commencement of the Industries (Development and Regulation) Amendment Act, 1984, under the definition of an ancillary, or small scale industrial undertaking, shall, after such commencement, continue to be regarded as an ancillary, or small scale industrial undertaking for the purposes of this Act until the definition aforesaid is altered or superseded by an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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