https://www.taxtmi.com/caselaws?id=10552 The High Court upheld the Tribunal's decision, ruling in favor of the respondent-assessee's entitlement to section 80J deduction for a new industrial undertaking for manufacturing knives. The Court found the knives unit to be distinct and separate from the discs unit, meeting all conditions under section 80J(4). Additionally, the Court allowed the deduction of Central excise duty liability, stating that the respondent's adherence to the mercantile system of accounting and the statutory nature of the liability justified the claim, in line with the precedent set in Kedarnath Jute Mfg. Co, Ltd. v. CIT [1971] 82 ITR 363 (SC). en-us Fri, 15 Oct 2004 00:00:00 +0530 Fri, 17 Jul 2009 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10552 The High Court upheld the Tribunal's decision, ruling in favor of the respondent-assessee's entitlement to section 80J deduction for a new industrial undertaking for manufacturing knives. The Court found the knives unit to be distinct and separate from the discs unit, meeting all conditions under section 80J(4). Additionally, the Court allowed the deduction of Central excise duty liability, stating that the respondent's adherence to the mercantile system of accounting and the statutory nature of the liability justified the claim, in line with the precedent set in Kedarnath Jute Mfg. Co, Ltd. v. CIT [1971] 82 ITR 363 (SC). Case-Laws Income Tax Fri, 15 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10552