Court upholds denial of deduction under section 80J for transfer of machinery.

The High Court of Madhya Pradesh upheld the Income-tax Appellate Tribunal's decision denying the assessee deduction under section 80J for the assessment year 1975-76. The Tribunal's ruling was based on the transfer of machinery from an individual business, leading to disallowance under section 80J(4)(ii) due to the business being considered new. The court affirmed the Tribunal's decision, emphasizing its reliance on factual findings.

---

---

The High Court of Madhya Pradesh upheld the decision of the Income-tax Appellate Tribunal, ruling that the assessee was not entitled to deduction under section 80J of the Income-tax Act for the assessment year 1975-76. The Tribunal found that the business was new and machinery was transferred from an individual business, triggering section 80J(4)(ii) disallowance. The court affirmed the Tribunal's decision, stating it was based on factual findings.

---