1,42,955/ and unabsorbed development rebate of Rs.
Appeals by Special Leave from the Judgment and Order dated 11/24 12 1975 of the Gujarat High Court in Income Tax Reference No.
The Income Tax Officer while companypleting the assessment, determined the deduction admissible to the assessee under s. 80E 1 of the Act in the following manner Income from business a companyputed Rs.
64.170 Less Unabsorbed depreciation Rs.
7.55,807 Total Rs.
46,319 in the assessment order Add Profit u s. 41 2 in respect of sale of machinery and buildings Rs.
785 and 783 of 1977.
1,11,658/ aggregating to Rs.
It further appears that there was unabsorbed depreciation of Rs.
T. Desai, P. H. Parekh and K. Vasudev, for the Appellant.
2,54,613/ of the earlier years which were required to be set off against the profits of that period.
8.02,126 Rs.
N. Kacker, Sol.
115 of 1974.
CIVIL APPELLATE JURISDICTION Civil Appeal Nos.
It appears that during this period it had sold some of its old machinery and buildings resulting in balancing, charges companytemplated by s. 41 2 which the Income Tax Officer worked out at Rs.
The Judgment of the Court was delivered by TULZAPURKAR, J. These two appeals by special leave, one by the Commissioner of Income Tax, Gujarat and the other by the assessee, against the judgment of Gujarat High Court in Income Tax Reference No.
Feeling aggrieved by the order passed by the Additional Commissioner of Income Tax the assessee preferred an appeal to the Income Tax Tribunal.
During the accounting period which ended on March 31, 1967, the assessee companypany earned an income of Rs.
46,319/ from its said business.
1 .42,955 Development Rebate Rs.
The assessment in question relates to the assessment year 1967 68, the accounting year for which is the financial year ending March 31, 1967.
7,55,807/ .
J. Ramamurthi and Miss A. Subhashini for the Respondent.
02,126 Less 8 deduction u s 80E 1 on Rs.
The short facts giving rise to the questions may be stated The assessee Cambay Electricity Supply and Industrial Co. Ltd.,carries on the Business of generation and distribution of electricity at Cambay and, as such, is companyered by the provisions of S. 80E 1 and is entitled to claim the deduction companytemplated by the said provision.
7 .37,956 and development rebate Depreciation Rs.
