1984 (12) TMI 17

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..... is made to this court, at the instance of M/s. Vinnyallora Industries, a company incorporated on October 21, 1970. The reference relate to the assessment years 1972 and 1973. The question is as follows : " Whether, on the facts and in the circumstances of the case, the loans from approved financial institutions are 'capital' employed for the purpose of computation of relief under section 80J of .....

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..... , in support of the reference and, therefore, argued, it is not permissible for this court to have recourse to sub-s. (1A) of section 80J, in answering the reference. This argument was advanced in two parts, It was argued, the Tribunal did not look into sub-s. (1A) to section 80J whilst making the reference for it was not in the statute and, therefore, this court in answering the question cannot h .....

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..... possible to agree with the contention raised by learned counsel for the assessee. If an answer is required, it is found in the case in Traco Cable Co. Ltd. v. CIT [1982] 138 ITR 385 (Ker) where sub-section (1A) of section 80J was considered. We think, no useful purpose is served in further ramification of the subject. Learned counsel for the assessee since, at the outset, stated, that under sub .....

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