https://www.taxtmi.com/caselaws?id=26287 The court held that the deduction under section 80J of the Income-tax Act, 1961, is applicable only to newly established industrial undertakings and not to existing undertakings acquired by another entity. The court emphasized the legislative intent to encourage new industries and ruled that the acquired industrial undertaking in this case did not qualify as a "newly established industrial undertaking." Therefore, the deduction claim by the assessee was denied, and the decision favored the Revenue. en-us Mon, 06 Jan 1986 00:00:00 +0530 Thu, 04 Feb 2010 10:39:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26287 The court held that the deduction under section 80J of the Income-tax Act, 1961, is applicable only to newly established industrial undertakings and not to existing undertakings acquired by another entity. The court emphasized the legislative intent to encourage new industries and ruled that the acquired industrial undertaking in this case did not qualify as a "newly established industrial undertaking." Therefore, the deduction claim by the assessee was denied, and the decision favored the Revenue. Case-Laws Income Tax Mon, 06 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26287