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Y. V. CHANDRACHUD, P. N. BHAGWATI, A. N. SEN, D. P. MADAN, M. P. THAKKAR
Lohia Machines LTD. – Appellant
Versus
Union of Indias – Respondent
Judgment
BHAGWATI, J. ( For himself, Y. V. Chandrachud, C. J. and D. P. Modon and M. P. Thakkar, JJ.):- These writ petitions raise an interesting question of law relating to the interpretation of Sec. 80-J of the Income-tax Act, 1961 and on the basis of certain interpretation, they challenge the validity of Rule 19-A of the Income-tax Rules, 1962 and also call in question the constitutionality of the retrospective amendment made in S. 80-J by Finance (No. 2) Act. 1980. The questions arising in these writ petitions are of considerable importance since they involve revenue aggregating to crores of rupees and they have been argued at great length on both sides
2. The principal controversy between the parties turns on the true interpretation of Section 80-J of the Income-tax Act. 1961 and hence we may begin our discussion of the issues arising in the writ petitions by examining the language of that section. But before we do so, we may usefully refer to the genesis of the provision enacted in Sec. 80-J and the transformation it has undergone from time to time over the years. It is in fact necessary to trace the historical evolution of this provision in order to arrive at its true interpre
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