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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Bombay High Court: Deduct Undertaking-Specific Liabilities from Asset Value for Section 80J Tax Deductions.</h1> Section 80J of the Income-tax Act, 1961, allows a deduction for newly established industrial undertakings, ships, or hotel businesses based on the capital employed. The deduction rate is 6% or 7.5% for companies from April 1, 1976. Rule 19A of the Income-tax Rules, 1962, outlines the computation method, which involves deducting borrowed money and debts from the asset value. The Bombay High Court ruled that liabilities specific to an undertaking should be deducted from its asset value. The Central Board of Direct Taxes accepted this interpretation, applying it to Section 80J(1A), introduced by the Finance Act, 1980.
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