9911796707
TMI Blog1980 (4) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 1969-70, Rs. 44,222, relatable to the assessment year 1970-71 and Rs. 50,024, relatable to the assessment year 1971-72. The ITO allowed a deduction of Rs. 51,389 under s. 80J, relatable to assessment year 1972-73. Section 80J relief claimed for the assessment years 1969-70, 1970-71 and 1971-72 was not allowed by the ITO on the ground that the necessary particulars for claiming the relief under s. 80J were not furnished by the assessee and as s. 80J relief had not been quantified for the assessment years 1969-70 to 1971-72, it cannot be allowed as a deduction for the assessment year 1972-73. Before the AAC, it was contended that it is not a statutory requirement that the relief under s. 80J should have been quantified in the relevant ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ewly established industrial undertaking only if the conditions specified under s. 80J(4) are fulfilled and whether there was compliance of those requirements under s. 80J(4) can be verified only with the necessary particulars furnished by the assessee for the initial year in which the new industrial undertaking had been set up and the general scheme of s. 80J is such that unless the requisite particulars for claiming the relief under s. 80J are furnished and quantified in the respective assessment years, the relief under s. 80J cannot be worked out. Section 34(1) provides that the deductions referred to in s. 32(1) or (1A) shall be allowed only if the prescribed particulars have been furnished and similarly the deduction referred to in s. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re was no profit or gain against which the deduction could be adjusted. In the present case, admittedly, there was no profit or gain against which s. 80J relief can be adjusted for the assessment years 1969-70, 1970-71 and 1971-72. So, the claim for s. 80J relief is admissible for the assessment year 1972-73, even though the assessee has not made the claim for s. 80J relief in the assessment years 1969-70 to 1971-72 when admittedly no profit or gain was derived from the new industrial undertaking. The Tribunal was hence justified in allowing the assessee's claim for deduction of Rs. 1,38,119 under s. 80J relating to assessment years 1969-70 to 1971-72 in the assessment year 1972-73, subject to verification of the details furnished by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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