1990 (7) TMI 25

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..... Department's application requesting the Tribunal to refer the following two questions to this court as questions of law was rejected by the Tribunal on the ground that no referable questions of law arose out of its order : " 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assets under erection are entitled for relief under section 80J of .....

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..... ustrial undertaking and that the entire cost of such assets was allowed as deduction under section 35(2)(ia) of the Income-tax Act, 1961. In our judgment, both the contentions are untenable on the face of it. Deduction under section 35(2)(ia) is, admittedly, available in view of section 35(1)(iv) on the scientific research assets relating to the business carried on by the assessee. The requirement .....

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..... ssets entitled to depreciation, their written down value and in the case of assets acquired by purchase and not entitled to depreciation, their cost of acquisition should be treated as the value of the assets. There is, admittedly, no provision for not including the value of scientific research assets in respect of which expenditure was allowed in full under section 35(1)(iv) read with section 35( .....

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