1988 (1) TMI 33

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....e Tribunal, Indore Bench, Indore, has in following question to this court for its opinion under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as the Act" : " Whether, on the facts and in the, circumstances of the case, on the formation of this assessee-firm by Shri Vinod Sonpar and by bringing his assets and liabilities by way of his own capital in this assessee-firm, the ....

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.... was a new business, the provisions of section 80J(4)(ii) of the Act were attracted and the benefit of section 80J consequently could not be claimed by the assessee. Relying on its finding given in the order relating to the assessment year 1974-75, the Tribunal disallowed the claim of the assessee in the relevant assessment year 1975-76 also. However, at the instance of the assessee, the Tribunal ....