1999 (10) TMI 16

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....ellate Tribunal, Allahabad Bench, Allahabad, under section 256(1) of the Income-tax Act, 1961, has referred the following question for the opinion of this court : "Whether the Tribunal was correct in holding that the relief under section 80J of the Act is allowable for the relevant year without any reduction with reference to the actual period of working of the factory during the relevant year ....

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....entire year? 3. Whether the Tribunal was correct in interpreting the words 'per annum' in section 80J to mean for the entire year ?" The Tribunal, however, thought that questions Nos. 2 and 3 may be clubbed together and may be referred for the opinion of the High Court in the form as stated above. Thus, in fact, the Tribunal has referred two questions as under : "1. Whether, the Tribunal ....

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....ties for the purpose of computing the relevant amount of capital employed in the new industrial undertaking. This issue has since been decided in favour of the assessee by their Lordships of the Allahabad High Court in the case of Kota Box Manufacturing Co. v. ITO [1980] 123 ITR 638 (Appex); [1978] U. P. T. C. 392, and accordingly we reverse the order of the Appellate Assistant Commissioner and di....

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....ed that the present case relates to the assessment year 1971-72 while rule 19A was effective from April 1, 1972, and, therefore, according to him, rule 19A was not applicable and according to law as it stood for the assessment year 1971-72 any moneys borrowed from approved sources for creation of capital assets in India were to be included in the borrowed capital if the agreement under which such ....