1994 (4) TMI 59

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....ce of the Revenue, for the decision of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee has the right to have the relief under section 80J of the Income-tax Act, 1961, recomputed by reckoning borrowed capital as part of the capital base for the assessment years 1970-71 and 1971-72 ? " The Tribunal, to answer the qu....

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....longer to be entertained in view of the retrospective amendment did not extend to the assessment years 1970-71 and 1971-72 and that the assessee, therefore, was entitled to the benefit of the view of the Madras High Court in 110 ITR 256 (supra). " It is now stated by Mr. J. Jayaraman, learned senior standing counsel for the Revenue, that the view of the court in the decision in Madras Industrial ....