Fixed capital investment bifurcation accepted on assessee's own disclosure, sustaining eligibility certificate under the exemption scheme.

The assessee's additional fixed capital investment was accepted as having been voluntarily bifurcated 50:50 between expansion and diversification in its application before the competent authority. That factual bifurcation was accepted by the Tribunal, was not disputed by the Department, and as the final fact-finding authority the Tribunal's conclusion was not disturbed in revision. The direction to issue the eligibility certificate on that basis was therefore sustained.

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Issues: Whether the assessee's additional fixed capital investment had to be bifurcated equally between expansion and diversification so as to entitle it to an eligibility certificate on a 50:50 basis under the exemption scheme.

Analysis: The record showed that the assessee had itself indicated a bifurcation of the capital investment into 50 per cent for expansion and 50 per cent for diversification in its application before the competent authority. The Tribunal accepted this factual bifurcation, and that finding was not challenged by the Department. Since the Tribunal functions as the final fact-finding authority, the revisional court found no reason to disturb the Tribunal's conclusion or the direction issued on the basis of the assessee's own option and disclosure.

Conclusion: The bifurcation of the additional capital investment on a 50:50 basis was upheld, and the direction to issue the eligibility certificate accordingly was sustained.

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