https://www.taxtmi.com/caselaws?id=22650 Tax-holiday relief for a newly established industrial undertaking under sections 80HH and 80J is to be examined separately for each assessment year, because each year is a distinct unit for computing profits and allowing the deduction. The statutory machinery-percentage condition in section 80J(4)(ii) must therefore be tested with reference to the relevant year, not only the initial year of commencement. Failure to satisfy that condition in the first year does not permanently bar the deduction in a later year if the condition is then met. On that construction, deduction was available for the later assessment year and the Revenue's contrary view was rejected. en-us Tue, 05 Feb 1991 00:00:00 +0530 Sat, 12 Dec 2009 10:46:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22650 Tax-holiday relief for a newly established industrial undertaking under sections 80HH and 80J is to be examined separately for each assessment year, because each year is a distinct unit for computing profits and allowing the deduction. The statutory machinery-percentage condition in section 80J(4)(ii) must therefore be tested with reference to the relevant year, not only the initial year of commencement. Failure to satisfy that condition in the first year does not permanently bar the deduction in a later year if the condition is then met. On that construction, deduction was available for the later assessment year and the Revenue's contrary view was rejected. Case-Laws Income Tax Tue, 05 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22650