Deduction for new industrial undertakings: liabilities must be matched and deducted per undertaking under income tax law. Calculation of the capital employed for the income-tax deduction requires aggregating the value of assets of each undertaking and deducting only the liabilities attributable to that same undertaking; the Board accepts the Bombay High Court's interpretation that liabilities must be matched and deducted on an undertaking-by-undertaking basis.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deduction for new industrial undertakings: liabilities must be matched and deducted per undertaking under income tax law.
Calculation of the capital employed for the income-tax deduction requires aggregating the value of assets of each undertaking and deducting only the liabilities attributable to that same undertaking; the Board accepts the Bombay High Court's interpretation that liabilities must be matched and deducted on an undertaking-by-undertaking basis.
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