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of <h1>Tax Holiday Relief Miscalculation: Clarification on Capital Computation for Section 80-J, Exclude Non-Installed Machinery and Fictitious Assets.</h1> The circular addresses the incorrect computation of tax holiday relief under section 80-J of the Income Tax Act for a company assessed in 1970-71. The Board identified errors in the capital computation, where the value of depreciable assets included non-installed plant and machinery and fictitious assets from book adjustments, such as pre-paid interest and insurance charges. The Board clarified that only machinery and plant used for business purposes as of the computation period's start can be included in the capital employed calculation, excluding non-installed machinery and fictitious assets, as per rule 19A of the Income-tax Rules.
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