JAIPUR UDYOG LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS reference has been made by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (hereinafter referred to as " the Tribunal "), under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), whereby the following questions have been referred for consideration of this court :

(2.) THIS reference relates to the assessment year 1963-64.

(3.) AS regards question No. 2, it may be mentioned that this question arose in the context of deduction claimed by the assessee under Section 84 of the Act, which was in force at the relevant time. Section 84 made a provision for relief in cases of newly established undertakings and the said provision was similar to that contained in Section 15C of the Indian Income-tax Act, 1922 (old Act). Rule 19 of the Income-tax Rules, 1962, prescribes the mode of computation of the capital employed in an industrial undertaking or a hotel.