COMMISSIONER OF INCOME TAX Vs. UPPER INDIA STEEL MANUFACTURING AND ENGINEERING COMPANY PRIVATE LIMITED

JUDGEMENT

(1.) THIS petition under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), has been filed by the Commissioner of Income-tax (Central), Ludhiana (hereinafter referred to as "the Revenue"), for issuance of a mandamus directing the Income-tax Appellate Tribunal, Chandigarh (hereinafter referred to as "the Tribunal"), to refer the following questions of law which arise from the order of the Tribunal for the opinion of this court :

(2.) SHORTLY stated, the 'facts are :

(3.) AGGRIEVED against the order of the Assistant Commissioner of Income-tax, the assessee filed an appeal before the Commissioner of Income-tax (Appeals), Ludhiana, who vide its order dated January 15, 1991, allowed, as agreed to by the assessee, deduction under Section 80-I at Rs. 26,64,937 as against Rs. 10,66,176 allowed by the Assessing Officer and Rs. 31,84,420 claimed by the assessee. The Commissioner of Income-tax (Appeals) further allowed deduction under Section 32AB as claimed by the assessee holding that eligible business has to be seen as a whole and it does not mean the newly started unit only.