2002 (6) TMI 26 - HC - Income Tax

High Court rules in favor of assessee on manufacturing activities & relief under sec 80J for assessment years 1981-84.

The High Court of Gujarat ruled in favor of the assessee on both questions referred by the Revenue regarding manufacturing activities and relief under ... Industrial Company, New Industrial Undertaking, Special Deduction - '(1) Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in coming to the conclusion that the assessee-company was engaged in manufacturing and processing activities and was, therefore, an industrial company?' - '(2) Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in coming to the conclusion that the assessee-company was entitled to relief under section 80J of the Income-tax Act, 1961?' - our answer to both the first questions is in the affirmative, i.e., in favour of the assessee and against the Revenue. The High Court of Gujarat ruled in favor of the assessee on both questions referred by the Revenue regarding manufacturing activities and relief under section 80J of the Income-tax Act, 1961 for the assessment years 1981-82, 1982-83, and 1983-84. The court found that the assessee's business involved manufacturing activities, making them an industrial company, and confirmed the relief under section 80J based on previous decisions. The reference was disposed of with no costs.