https://www.taxtmi.com/caselaws?id=22416 The High Court upheld the Tribunal's decision that the assessee had established a new industrial unit eligible for relief under section 80J of the Income-tax Act, 1961. The Court found that the assessee met the requirements set out in the Textile Machinery Corporation Ltd. v. CIT case, including substantial investment, employment of labor, production of articles, earning profits, and having a distinct identity for the new unit. The objection raised by the Revenue regarding common management and shared books of account was dismissed, and the Court ruled in favor of the assessee without costs awarded. en-us Tue, 11 Dec 1990 00:00:00 +0530 Wed, 09 Dec 2009 18:50:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22416 The High Court upheld the Tribunal's decision that the assessee had established a new industrial unit eligible for relief under section 80J of the Income-tax Act, 1961. The Court found that the assessee met the requirements set out in the Textile Machinery Corporation Ltd. v. CIT case, including substantial investment, employment of labor, production of articles, earning profits, and having a distinct identity for the new unit. The objection raised by the Revenue regarding common management and shared books of account was dismissed, and the Court ruled in favor of the assessee without costs awarded. Case-Laws Income Tax Tue, 11 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22416