https://www.taxtmi.com/caselaws?id=5235 The Supreme Court upheld the decision of the Gujarat High Court in a case concerning the computation of rebate under sections 84 and 101 of the Income-tax Act, 1961. The dispute centered on the interpretation of Rule 19 of the Income-tax Rules, 1962 for determining average capital employed. The High Court's analysis emphasized the proper application of Rule 19 sub-rules (1), (3), and (5) in calculating capital employed, including adjustments for loans, liabilities, and profits from a new project. The Supreme Court affirmed the High Court's decision, emphasizing adherence to the Income-tax Rules for accurate computation of capital employed and exemptions, and ruled in favor of the assessee, dismissing the Revenue's appeal. en-us Tue, 21 Jul 1987 00:00:00 +0530 Mon, 20 Oct 2014 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5235 The Supreme Court upheld the decision of the Gujarat High Court in a case concerning the computation of rebate under sections 84 and 101 of the Income-tax Act, 1961. The dispute centered on the interpretation of Rule 19 of the Income-tax Rules, 1962 for determining average capital employed. The High Court's analysis emphasized the proper application of Rule 19 sub-rules (1), (3), and (5) in calculating capital employed, including adjustments for loans, liabilities, and profits from a new project. The Supreme Court affirmed the High Court's decision, emphasizing adherence to the Income-tax Rules for accurate computation of capital employed and exemptions, and ruled in favor of the assessee, dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 21 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5235