https://www.taxtmi.com/caselaws?id=29305 The High Court of Allahabad held that the assessee was entitled to a deduction under section 80J of the Income-tax Act, 1961 for reconstructing a cold storage plant. The court emphasized that the utilization of old assets in the reconstruction did not disqualify the assessee from claiming the deduction, as the old assets constituted less than 20% of the total assets of the new cold storage. The court clarified that section 80J applies to new industrial undertakings meeting specific conditions, distinguishing it from depreciation and development rebate. The court ruled in favor of the assessee, affirming eligibility for the deduction and awarding costs. en-us Tue, 09 Feb 1982 00:00:00 +0530 Fri, 12 Mar 2010 11:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29305 The High Court of Allahabad held that the assessee was entitled to a deduction under section 80J of the Income-tax Act, 1961 for reconstructing a cold storage plant. The court emphasized that the utilization of old assets in the reconstruction did not disqualify the assessee from claiming the deduction, as the old assets constituted less than 20% of the total assets of the new cold storage. The court clarified that section 80J applies to new industrial undertakings meeting specific conditions, distinguishing it from depreciation and development rebate. The court ruled in favor of the assessee, affirming eligibility for the deduction and awarding costs. Case-Laws Income Tax Tue, 09 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29305