High Court clarifies deductions under Income-tax Act Section 84: Only due and payable liabilities considered.

The High Court of Bombay held that for relief under section 84 of the Income-tax Act, only liabilities due and payable on the relevant date should be deducted when computing capital.

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The High Court of Bombay considered two questions regarding the computation of capital for relief under section 84 of the Income-tax Act. The court ruled that liabilities should be deducted, but only those that were due and payable on the relevant date. This decision was based on previous judgments.

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