https://www.taxtmi.com/caselaws?id=13317 The High Court interpreted section 80J of the Income-tax Act in a case involving a dispute over deduction for industrial undertakings. The court held that the assessee was eligible for the deduction as the benefit is based on capital employed, not machinery. The court emphasized the deeming provision exempting machinery value below 20% of total plant value. Despite the Revenue's argument on old machinery use, the court ruled in favor of the assessee, allowing the deduction for the relevant assessment years. en-us Wed, 28 Feb 2007 00:00:00 +0530 Thu, 28 May 2009 11:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13317 The High Court interpreted section 80J of the Income-tax Act in a case involving a dispute over deduction for industrial undertakings. The court held that the assessee was eligible for the deduction as the benefit is based on capital employed, not machinery. The court emphasized the deeming provision exempting machinery value below 20% of total plant value. Despite the Revenue's argument on old machinery use, the court ruled in favor of the assessee, allowing the deduction for the relevant assessment years. Case-Laws Income Tax Wed, 28 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13317