COMMISSIONER OF INCOME TAX Vs. MODI INDUSTRIES LIMITED

JUDGEMENT

(1.) Following four questions were formulated by this Court in the reference petition filed by the department and the Tribunal was directed to prepare and transmit the statement of case based thereupon:

(2.) Whether ITAT was correct in law and on facts in holding that the 10 ton Furnace Division and Steel Unit 'B' constitute new industrial undertaking to enable the assessee to claim deduction Under Section 80J of I.T. Act.

(3.) Whether ITAT was correct in law and on facts in holding that a sum of Rs. 1,02,037/- being the excess price realized by the assessee on sale of Sugar was not a revenue receipt in hands of assessee and as such not taxable in its hands?.