Law:

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Section 80-I of the Income-tax Act, 1961 - Profits and gains from industrial undertakings etc. after certain dates - Assessment years 1987-88 and 1988-89 Where factually it was found by Tribunal that machines and plant used by assessee were not new, it was not necessary to enter into larger controversy as regards ownership of plant and machines, a necessary requisite for claiming relief under section 80-I; it was justified in holding that assessee-company was not entitled to relief under section 80-I [In favour of revenue] The Tribunal had held that there was no material available on record to show as to when the machines belonging to HE Ltd., which were leased out to the assessee-company, were used by the said lessor company; that there was no material to show that the machines hired by the assessee-company were for a new industrial unit set up by the assessee-company, nor was there any material to show that such leased out machines were new at the time of taking them on lease. The Tribunal had, therefore, found that condition No. (ii) under sub-section (2) of section 80-I was not satisfied. In fact the Tribunal had categorically recorded that the machines and plant installed in the unit of the assessee had earlier been used by HE Ltd., the lessor company, and the lease of the said machines amounted to transfer from HE Ltd. to the assessee-company. Held that, factually, it was found by the Tribunal that the machines and plant used by the assessee were not new. Hence, it was not necessary to enter into the larger controversy as regards whether the ownership of plant and machines was, or was not, a necessary requisite for claiming relief under section 80-I. The Tribunal was justified in holding that the assessee-company was not entitled to relief under section 80-I. R.K. Patel for the Appellant. Manish R. Bhatt for the Respondent. JUDGMENT 1 D.A. Mehta, J. - The Income-tax Appellate Tribunal, Ahmedabad Bench "A" has referred the following two questions under section 256(1) of the Income-tax Act, 1961 (the Act) at the instance of the assessee-applicant : "1. Whether on the facts and circumstances of the case the Tribunal was right in confirming the orders of the…

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