Full-year Deduction Allowed under Section 80J despite Limited Business Days

The High Court of Punjab and Haryana held that deduction under section 80J of the Income-tax Act is allowable for the entire year, notwithstanding the business being conducted for only 24 days during the relevant assessment year. The ruling favored the assessee, following a precedent.

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The High Court of Punjab and Haryana ruled that deduction under section 80J of the Income-tax Act is admissible for the entire year, even if the business was conducted for only 24 days during the relevant assessment year. The decision was based on a previous judgment and was in favor of the assessee. (Case citation: 1989 (4) TMI 71 - PUNJAB AND HARYANA High Court)

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