https://www.taxtmi.com/caselaws?id=69965 The Tribunal, in a case concerning the computation of relief under section 80J of the Income-tax Act, 1961, upheld the exclusion of borrowed capital as mandated by the retrospective amendment introduced by the Finance (No. 2) Act, 1980. The Tribunal emphasized the validity of the amendment until declared unconstitutional by the Supreme Court and rejected the assessee's request to defer relief computation pending the Supreme Court's decision on the amendment's constitutionality. The matter was remitted back to the Income Tax Officer for recomputation of profit under section 80J in line with the majority view. en-us Fri, 12 Oct 1984 00:00:00 +0530 Wed, 13 Apr 2011 11:17:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69965 The Tribunal, in a case concerning the computation of relief under section 80J of the Income-tax Act, 1961, upheld the exclusion of borrowed capital as mandated by the retrospective amendment introduced by the Finance (No. 2) Act, 1980. The Tribunal emphasized the validity of the amendment until declared unconstitutional by the Supreme Court and rejected the assessee's request to defer relief computation pending the Supreme Court's decision on the amendment's constitutionality. The matter was remitted back to the Income Tax Officer for recomputation of profit under section 80J in line with the majority view. Case-Laws Income Tax Fri, 12 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69965