https://www.taxtmi.com/circulars?id=9252 Interpretation of Capital employed under Section 80J focuses on whether Rule 19A(3) lawfully excludes borrowed money from capital employed for new undertakings; several High Courts found the exclusion ultra vires and the Department has appealed. Pending authoritative resolution, tax officers are instructed to continue the Departmental view in assessments to preserve appeals, while not enforcing recovery of tax where High Court decisions bar collection, and to record expressly when recovery is suspended on that basis. en-us Wed, 21 Feb 1979 00:00:00 +0530 Fri, 03 Jun 2011 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9252 Interpretation of Capital employed under Section 80J focuses on whether Rule 19A(3) lawfully excludes borrowed money from capital employed for new undertakings; several High Courts found the exclusion ultra vires and the Department has appealed. Pending authoritative resolution, tax officers are instructed to continue the Departmental view in assessments to preserve appeals, while not enforcing recovery of tax where High Court decisions bar collection, and to record expressly when recovery is suspended on that basis. Circulars Income Tax Wed, 21 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9252