https://www.taxtmi.com/caselaws?id=19109 The court held that the assessee qualified for initial depreciation under section 32(1)(vi) as a small-scale industrial undertaking since the machinery's value did not exceed Rs. 7,50,000 when excluding certain charges. Additionally, the assessee was entitled to relief under section 80J, as the old machinery did not exceed 20% during the relevant year, aligning with the legislative intent to support new industrial undertakings. The issue of including borrowed capital in the capital base for section 80J relief was unnecessary as settled by a prior Supreme Court decision. The court ruled in favor of the assessee with no costs awarded. en-us Tue, 25 Oct 1994 00:00:00 +0530 Wed, 04 Nov 2009 11:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19109 The court held that the assessee qualified for initial depreciation under section 32(1)(vi) as a small-scale industrial undertaking since the machinery's value did not exceed Rs. 7,50,000 when excluding certain charges. Additionally, the assessee was entitled to relief under section 80J, as the old machinery did not exceed 20% during the relevant year, aligning with the legislative intent to support new industrial undertakings. The issue of including borrowed capital in the capital base for section 80J relief was unnecessary as settled by a prior Supreme Court decision. The court ruled in favor of the assessee with no costs awarded. Case-Laws Income Tax Tue, 25 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19109