https://www.taxtmi.com/caselaws?id=35748 The High Court of Madhya Pradesh ruled in favor of a private limited company regarding the interpretation of deduction under section 80J of the Income Tax Act, 1961. The court held that the deduction at the rate of 6% per annum on the capital employed in the industrial undertaking should be granted for the entire year, irrespective of the duration of operation. The court emphasized that the purpose of the provision is to promote new industrial enterprises and, therefore, the deduction should not be reduced based on the operational period. The company was granted the full deduction for the assessment year 1968-69. en-us Fri, 09 Jan 1981 00:00:00 +0530 Tue, 16 Mar 2010 14:01:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35748 The High Court of Madhya Pradesh ruled in favor of a private limited company regarding the interpretation of deduction under section 80J of the Income Tax Act, 1961. The court held that the deduction at the rate of 6% per annum on the capital employed in the industrial undertaking should be granted for the entire year, irrespective of the duration of operation. The court emphasized that the purpose of the provision is to promote new industrial enterprises and, therefore, the deduction should not be reduced based on the operational period. The company was granted the full deduction for the assessment year 1968-69. Case-Laws Income Tax Fri, 09 Jan 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35748