https://www.taxtmi.com/caselaws?id=70551 Machinery under installation is includible in capital employed for section 80J relief because it represents business capital deployed for the undertaking and is treated on the same footing as work in progress. Deduction under section 80M is unavailable where gross total income is nil or a loss, since Chapter VI-A deductions are capped by gross total income under section 80A(2) and cannot exceed the income computed under section 80B(5). The appeal was therefore allowed only on the section 80J issue and rejected on the section 80M claim. en-us Fri, 12 Oct 1979 00:00:00 +0530 Sat, 16 Apr 2011 16:49:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70551 Machinery under installation is includible in capital employed for section 80J relief because it represents business capital deployed for the undertaking and is treated on the same footing as work in progress. Deduction under section 80M is unavailable where gross total income is nil or a loss, since Chapter VI-A deductions are capped by gross total income under section 80A(2) and cannot exceed the income computed under section 80B(5). The appeal was therefore allowed only on the section 80J issue and rejected on the section 80M claim. Case-Laws Income Tax Fri, 12 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70551