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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 80J: Revised Capital Computation for Industries, Hotels, Ships Effective April 1, 1972.</h1> The amendment to Section 80J of the Income-tax Act, introduced by the Finance (No. 2) Act, 1980, revises the method for computing capital employed in industrial undertakings, hotels, and ships. It replaces the phrase 'computed in the prescribed manner' with 'computed in the manner specified in sub-section (1A)' effective from April 1, 1972. Sub-section (1A) outlines the calculation process for capital employed, detailing the valuation of various assets, deductions for borrowed money, and specific provisions for ships. It includes explanations for terms like 'actual cost,' 'written down value,' and 'computation period' to ensure clarity in application.
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