Law:

Section:

Section 32(1)(ii) of the income-tax act, 1961, read with rule 5 of, and part I of appendix I, to the income-tax rules, 1962-Depreciation-Assessee-company carried on business as manufacturer of aluminium at various places and produced aluminium in different forms (ingots, foils, sheets, pigments, etc.)-Whether tribunal right in law in allowing assessee depreciation on fencing, culverts and drainage within its factory compound at rate applicable to first class factory building-Held, on facts, yes Section 80-I of the income-tax act, 1961 [since omitted with effect from 1-4-1973]-Deductions-Profits and gains from priority Industries-ITO allowed claim only for 75 per cent of Income attributable to manufacture of ingots and disallowed balance 25 per cent relatable to sale of pigments-ITO also disallowed claim for relief qua interest earned on short-term deposits and debentures-Whether tribunal right in confirming impugned disallowances-Held, on facts, yes Section 80J of the income-tax act, 1961-Deductions-Profits and gains from newly established undertakings, etc.-assessee's kalwa unit completed in 1965 but earned no profit up to 1968-Assessee claimed relief for first time in respect of said unit in assessment year 1970-71-ITO disallowed same as relevant unit was expansion of assessee's existing business-AAC confirmed disallowance holding that relief, not having been claimed in earlier years, could not be considered during this assessment year because its earlier years' losses not determined and carried forward-Tribunal held that it was not obligatory upon assessee to make such a claim under section 80J(3) in respect of each of earlier year and directed ITO to allow impugned relief and to determine quantum of deficiency to be carried forward and set off against profits of assessment year 1970-71-Whether tribunal right in law-Held, on facts, yes-Assessee's New Belgaum smelter unit went into production in 1969 relevant for assessment year 1970-71-ITO also disallowed claim for relief under section 80j(3)-Claim not pressed before AAC-Tribunal allowed impugned relief and directed ITO to determine quantum of deficiency of current year to be carried forward for Set off…

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