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of <h1>ITAT MADRAS-A: Advance to Director included in capital employed, Tribunal rules in favor of assessee</h1> <h3>INCOME TAX OFFICER. Versus SOFT BEVERAGES PVT. LTD.</h3> The Misc. Petition concerning grounds 7 and 8 of an appeal before ITAT MADRAS-A involved the inclusion of an advance to a Director in capital employed. ... - The Misc. Petition related to ground Nos. 7 and 8 of an appeal before ITAT MADRAS-A regarding verification of figure to gross assets. The Deptl. Rep. did not address these grounds, but they were considered by the Tribunal. The dispute was whether an advance to Director should be included in capital employed. The Tribunal agreed with the assessee's counsel that the advance should be considered as part of assets, leading to a higher figure for capital employed. The Misc. Petition was rejected. (Case Citation: 1979 (8) TMI 117 - ITAT MADRAS-A)
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