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TMI Blog1990 (2) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing question of law for the decision of this court : "Whether, on the facts and circumstances of the case, the Tribunal was justified in remanding the matter without considering the question whether the assessee is entitled to the benefit of section 80J for the entire period ?" The respondent is a private limited company. We are concerned with the assessment year 1975-76 for which the previ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced by the liabilities of the assessee. The Income-tax Officer held that the entire capital has been taken from the head office and it should be treated only as a loan and so the assessee is not entitled to relief under section 80J of the Act. In appeal, the Commissioner of Income-tax (Appeals) held that the assessee is entitled to flat deduction of 6% of the capital employed without any restricti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer. Since there was no precise or definite data to show the extent of borrowals made in the new industrial unit, the Appellate Tribunal held that the matter required a recomputation of the capital employed in the new industrial undertaking in accordance with law. The matter was remitted to the assessing authority. In so ordering a remit, though the Tribunal adverted to the plea, as to whethe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question referred to us should be in the affirmative and the Tribunal should have held so in its appellate order. The assessee will be entitled to the benefit of section 80J for the entire period, but only subject to the further verification and determination of the actual borrowals by the new industrial undertaking and determination of the capital to be computed in accordance with law under sect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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