RAMANUJAM J.

The original assessments of the assessee-company for the years 1965-66 and 1966-67 were completed on October 31, 1966, and April 13, 1967, respectively. Later, the ITO reopened the assessments under s. 147(b) of the I.T. Act, 1961, and completed the reassessments on May 8, 1969. The assessment for the year 1967-68 is an original assessment which was completed on September 2, 1969. In the first two assessments, the ITO had allowed the claim of the assessee to relief under s. 84 in respect of Rubber Reclamation Factory. Later, in his reassessments, the ITO had held that the assessee was not entitled to the relief under s. 84 on the ground that the profits of the Rubber Reclamation Division had arisen from working of machineries not exclusively owned by the assessee and that of the total value of the machinery employed in the Division, not less than 20% was of the machinery taken on lease from Messrs. Rubber Products Company, Coimbatore, which had used these machineries previously in its own business. According to the ITO, the assessee was not entitled to any relief at all under that section in respect of the profits in respect of the Rubber Reclamation Divisio