1983 (8) TMI 167

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.... the assessee company was a partner in a registered firm by name Foundation Corporation of India. For the asst. yrs. 1978-79 and 1979-80, the assessee itself had taken over the business of the registered firm. The common question in all these four years is whether the assessee can be treated as an industrial company for the purpose of the relevant Finance Act of each year. 2. The business of Foun....

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....at such a business involved manufacture of articles and that such a company was entitled to deduction u/s 80 J, if such a company could be considered as producing an article for the purpose of s. 80J. It has to be accepted that for the purpose of Finance Act definition of 'industrial company' the assessee is producing articles or things. The department's stand seems to be based on another decision....