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of <h1>High Court dismisses Department's motion on 'capital employed' interpretation under Income-tax Act; Tribunal's order upheld.</h1> <h3>Commissioner Of Income-Tax Versus Lubrizol India Limited</h3> The High Court of Bombay dismissed the Department's notice of motion seeking to raise questions of law regarding the interpretation of 'capital employed ... New Industrial Undertaking The High Court of Bombay dismissed the Department's notice of motion seeking to raise three questions of law regarding the interpretation of 'capital employed in the industrial undertaking' under section 80J of the Income-tax Act, 1961. The Tribunal's appellate order was upheld, stating that the decision in Lohia Machines Ltd. did not apply to the assessment years in question (1970-71 and 1971-72). The court held that the questions raised were not debatable and were already covered by a question previously referred. The notice of motion was dismissed with no order as to costs.
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