Law:

Section:

Section 80J of the Income-tax Act, 1961 - Deductions - Profits and gains from newly established industrial undertakings - Assessment year 1975-76 - ITO slightly reduced amount of relief claimed by assessee under section 80J - Tribunal upheld aforesaid allowance - Later, in reassessment proceedings under section 148 ITO withdrew said relief on ground that in view of composite account books maintained, it was not possible to decipher or calculate amount of relief to be granted - On appeal, Commissioner (Appeals) restored relief on ground that composite books of account could be maintained and relief was to be granted if other conditions specified by section 80J were complied with - Tribunal upheld Commissioner (Appeals)'s order and held that original order of ITO had merged with Tribunal's order, and, therefore, could not be agitated in section 148 proceedings - Whether maintenance of composite account books could not be a ground for disallowing relief under section 80J as long as ITO could determine extent of capital employed - Held, yes Section 256(2), read with section 80J, of the Income-tax Act, 1961 - Reference - Question of law - Whether in view of facts stated under head 'Deductions - Profits and gains from newly established industrial undertakings', no referable questions of law arose from Tribunal's findings - Held, yes Section 148 of the Income-tax Act, 1961 - Reassessment - General - Whether in view of facts stated under head 'Deductions - Profits and gains from newly established industrial undertakings', in event of allowance having been wrongly made, correction could be made by initiating proceedings under section 148 - Held, yes FACTS The assessee claimed relief under section 80J which was allowed by the ITO after slightly reducing the amount of relief claimed. On appeal, the Tribunal upheld the ITO's orders. Subsequently, the assessment was reopened under section 147 and in the reassessment the ITO withdrew the said allowance on the ground that since common accounts were being maintained, it was not possible to decipher or calculate the amount of relief which could be granted. On appeal, the Commissioner (Appeals) on the basis of the Calcutta High…

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