( 1 ) THIS is a reference under Section 256 (1) of the Income-tax Act, 1961. The Income-tax appellate Tribunal, Allahabad Bench, has referred the following question of law for the opinion of this court :

"whether, on the facts and circumstances of the case, the Tribunal was justified in holding that it is not a case of reconstruction of a business already in existence and that the assessee is entitled to deduction under Section 80j of the Income-tax Act, 1961. "

( 2 ) THE facts giving rise to the aforesaid question are these. According to the Revenue, the assessee had purchased a cold storage plant on February 1, 1970, consisting of assets valued at rs. 1,44,647, which included land, building and machinery. The assessee demolished a part of the cold storage structure and reconstructed the cold storage plant. The construction was completed in March, 1971, and the total investment in the new structure was to the tune of Rs. 2,88,837. The assessee made a claim for allowance under Section 80j of the Income-tax Act, 1961, for the assessment year, namely, 1972-73, which was refused by the Income-tax Officer by saying that the requirements of Sub-section (4) of Section 80j