https://www.taxtmi.com/caselaws?id=28397 The High Court of Karnataka ruled that relief under section 80J of the Income Tax Act should be granted for the full year in which the capital was employed by a new industrial undertaking, regardless of the duration of production. The court emphasized the legislative intent to incentivize new industrial enterprises and rejected the idea of pro-rating the relief based on the period of working of the undertaking. The court referenced relevant legal provisions and precedents to support its decision, ultimately ruling against the Revenue and holding in favor of granting the relief for the entire year. en-us Wed, 03 Aug 1983 00:00:00 +0530 Mon, 22 Feb 2010 12:25:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28397 The High Court of Karnataka ruled that relief under section 80J of the Income Tax Act should be granted for the full year in which the capital was employed by a new industrial undertaking, regardless of the duration of production. The court emphasized the legislative intent to incentivize new industrial enterprises and rejected the idea of pro-rating the relief based on the period of working of the undertaking. The court referenced relevant legal provisions and precedents to support its decision, ultimately ruling against the Revenue and holding in favor of granting the relief for the entire year. Case-Laws Income Tax Wed, 03 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28397