1996 (5) TMI 81

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..... ence under section 256(1) of the Income-tax Act, 1961, the following question has been referred for the opinion of this court : "Whether the Tribunal did not err in law as well as in facts in upholding the order of the Commissioner of Income-tax (Appeals) who directed the Assessing Officer to allow deduction under section 80HH in respect of the whole business even though there was no profit from .....

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..... Orissa High Court in CIT v. N. C. Budharaja and Co. [1980] 121 ITR 212. At the request of the Revenue, the question referred to above has been referred for opinion of this court. We have heard Dr. A. K. Saraf, special counsel for the Revenue, and Mr. R. Goenka, counsel appearing on behalf of the respondent/assessee. Dr. Saraf submits that under section 80HH of the Income-tax Act, the assessee .....

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..... ny profits or gains derived from the industrial undertaking only. If the assessee carries on some other business in that case no deduction is available on such profits and gains. Accordingly, we answer the question in the negative and in favour of the Revenue and against the assessee. A copy of this judgment under the signature of the Registrar and the seal of the High Court shall be transmitted .....

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