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of <h1>Conflicting High Court rulings on 'Capital Employed' in Section 80J; Department appeals pending in Supreme Court.</h1> The circular addresses the interpretation of 'Capital employed' in Section 80J of the Income Tax Act, 1961, following conflicting High Court rulings. The Calcutta, Madras, and Allahabad High Courts have deemed Rule 19A(3), which excludes borrowed money from capital employed, as exceeding the Board's rule-making power. The Department is contesting these rulings, with appeals pending in higher courts, including the Supreme Court. Meanwhile, Income Tax Officers are instructed to adhere to the Department's current stance, without enforcing tax recovery in affected jurisdictions, until a Supreme Court decision provides clarity.
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