TaxTMI 
TaxTMI 
2004 (10) TMI 70
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....red the following two questions of law under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as "the Act" for opinion to this court: "1. Whether, on the facts and in law, the Tribunal was right in holding that a new industrial undertaking for manufacture of knives and come into existence and was entitled to section 80J deduction for the assessment years 1978-79 and 1979-80? 2....
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.... and had closed the same unit in the year 1980. It had installed machinery worth Rs. 1,02,519 for manufacture of knives which was an item separate and distinct from the discs already being manufactured by it for which the value of machinery installed was Rs. 4,95,060. According to the respondent after the discs unit was closed machinery worth Rs. 16,336 was sold and the balance machinery including....
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.... Officer had disallowed the amount of excise duty claimed by the respondent. In appeal, the Commissioner of Income-tax (Appeals) had confirmed the disallowance 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 befo....
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....taking. It may be mentioned that the Tribunal has found that the two units were separate and distinct and during the period the discs unit was in operation, the respondent had established the knives unit by installing machinery worth Rs. 1,02,519 which has not been formed by splitting up or reconstruction of business already in existence nor by transfer to a new business of machinery or plant prev....