1985 (9) TMI 60

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....of the Revence under section 256(1) of the Income-tax Act, 1961. The question to be considered reads thus : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that a new industrial undertaking had come into being and that the assessee was entitled to relief under section 80J of the Income-tax Act, 1961 ? " We are concerned wit....

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..... The Income-tax Officer refused it on the ground that there was no new undertaking. The Appellate Assistant Commissioner confirmed the Income-tax Officer's order. The assessee went up in appeal to the Income-tax Appellate Tribunal which held that a new industrial undertaking had come into being. Finding that the assessee was entitled to relief under section 80J, it directed the Appellate Assistan....

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....in existence, the relief under section 80J of the Income-tax Act, 1961, was not available to the assessee. He also relied on the fact that the plant for manufacturing nyloc inserts had been housed in an extension of the existing business premises. In the decision of the Supreme Court in Textile Machinery Corporation Ltd. v. CIT [1977] 107 ITR 195, " reconstruction" in section 80J(4)(i) of the I....