2004 (10) TMI 70

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....and was entitled to section 80J deduction for the assessment years 1978-79 and 1979-80? 2. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee was entitled to deduction of Rs. 14,445 and Rs. 20,530 for the assessment years 1978-79 and 1979-80 on account of Central excise duty liability?" Briefly stated the facts giving rise to the present reference are as follows: The respondent-assessee was manufacturing and selling discs and knives. The present reference relates to the assessment years 1978-79 and 1979-80. The respondent claimed deduction under section 80J of the Act in respect of the industrial undertaking for manufacture of knives. It may be mentioned here that the resp....

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....wance under section 80J of the Act. He, however allowed a sum of Rs. 20,530 towards the excise duty as according to him the sum of Rs. 14,445 related to the assessment year 1978-79. Feeling aggrieved the respondent preferred separate appeals before the Income-tax Appellate Tribunal. In the appeal preferred for the assessment year 1978-79 the respondent raised an additional ground for the allowance of the claim of Rs. 14,445 which was permitted. The Tribunal has reversed the order of the assessing authority on the disallowance of section 80J of the Act and had also granted relief of Rs. 14,445 to the respondent. We have heard Sri A.N. Mahajan, learned standing counsel for the Revenue. Nobody has appeared for the assessee. Learned couns....