https://www.taxtmi.com/caselaws?id=70245 The case involved the computation of deduction under Section 80J of the Income-tax Act, 1961, concerning the exclusion of liabilities from the assets employed by the assessee. The Tribunal decided to apply the law as it stood, supporting the retrospective amendment by the Finance (No. 2) Act, 1980, and dismissing the appeal by the assessee. The Tribunal emphasized following the current law unless declared unconstitutional by the Supreme Court, and remitted the matter back to the ITO for recomputation after the Supreme Court or Madras High Court's decision on the retrospective amendment's validity. en-us Fri, 12 Oct 1984 00:00:00 +0530 Fri, 15 Apr 2011 10:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70245 The case involved the computation of deduction under Section 80J of the Income-tax Act, 1961, concerning the exclusion of liabilities from the assets employed by the assessee. The Tribunal decided to apply the law as it stood, supporting the retrospective amendment by the Finance (No. 2) Act, 1980, and dismissing the appeal by the assessee. The Tribunal emphasized following the current law unless declared unconstitutional by the Supreme Court, and remitted the matter back to the ITO for recomputation after the Supreme Court or Madras High Court's decision on the retrospective amendment's validity. Case-Laws Income Tax Fri, 12 Oct 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70245