( 1 ) IN this application I am concerned with the assessment made under the Income-tax Act, 1961, for the assessment year 1972-73. The petitioner is a public limited company. For the aforesaid assessment year the petitioner claimed relief under section 80j of the Income-tax Act, 1961, and in view of the contentions urged in this application it is necessary to refer to the relevant portion of the assessment order dealing with this question. The said assessment order stated, inter alia, as follows: " (vi) Relief Under Section 80j. The assessee claimed Rs. 49,69,033 under Section 80j for the year on the basis of average capital. For reasons discussed in the preceding year, the assessee's claim is disallowed. The claim is confined to Rs. 21,85,515 as under: Rs. Rs.  

21,85,515 1,49,56,675

a) Assets entitled to depreciation :

Written down value of fixed assets as on 30-9-1970 as per last asstt. Order

3,73,26,323

(b) Assets not entitled to depreciation :

Land as per balance-sheet as on 30-9-1970 8,91,979

(c) Current assets : As per balance-sheet as on 30-9-1970 3,08,08,326

. Total assets 6,90,26,628

[as per rule 19a (2) deduct the following a