https://www.taxtmi.com/caselaws?id=71790 The Appellate Tribunal upheld the Appellate Assistant Commissioner's decision in favor of the assessee, directing the Income Tax Officer to consider the capital employed as of 30th April 1977 instead of 1st October 1976. The Tribunal emphasized that the date of setting up the business is crucial for determining eligibility for benefits under section 80J of the Income Tax Act, rejecting the departmental representative's argument based on the income calculation period. As the machinery started operations on 1st May 1977, that date was deemed relevant for determining the capital employed, resulting in the assessee being entitled to benefit under section 80J. en-us Wed, 20 May 1987 00:00:00 +0530 Wed, 27 Apr 2011 11:12:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71790 The Appellate Tribunal upheld the Appellate Assistant Commissioner's decision in favor of the assessee, directing the Income Tax Officer to consider the capital employed as of 30th April 1977 instead of 1st October 1976. The Tribunal emphasized that the date of setting up the business is crucial for determining eligibility for benefits under section 80J of the Income Tax Act, rejecting the departmental representative's argument based on the income calculation period. As the machinery started operations on 1st May 1977, that date was deemed relevant for determining the capital employed, resulting in the assessee being entitled to benefit under section 80J. Case-Laws Income Tax Wed, 20 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71790