2002 (9) TMI 77

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....on referred to us at the instance of the Revenue is: "Whether, on the facts and in the circumstances of the case, the value of stock-in-trade leased out by the assessee with Dharangdhara Chemical Works Ltd. and leased out dated November 26, 1979, should be treated as part of the capital employed for the purpose of computing relief under section 80J of the Act?" The assessee manufactures titanium....

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....(4) specifies certain conditions which should be fulfilled by an industrial undertaking before claiming benefit under section 80J. Clause (iii) therein refers to manufacture or production of articles. It is therefore evident that relief under section 80J is in respect of profits and gains derived from the manufacture or production of articles. When the assets of the company had been leased out, it....