https://www.taxtmi.com/caselaws?id=187580 The High Court ruled in favor of the Department regarding the computation of capital for relief under section 80J of the Income Tax Act for the assessment years 1971-72 and 1972-73, following the Supreme Court decision in Lohia Machinery Ltd. case. Borrowed money was not to be included in computing capital. The deduction under section 80-J for income from the priority industry was limited to income computed after specific deductions. The treatment of cash allowance as part of salary for disallowable expenditure was affirmed for one assessment year, with the other left for reexamination due to an amendment. en-us Mon, 01 Dec 1986 00:00:00 +0530 Thu, 27 Oct 2016 17:56:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187580 The High Court ruled in favor of the Department regarding the computation of capital for relief under section 80J of the Income Tax Act for the assessment years 1971-72 and 1972-73, following the Supreme Court decision in Lohia Machinery Ltd. case. Borrowed money was not to be included in computing capital. The deduction under section 80-J for income from the priority industry was limited to income computed after specific deductions. The treatment of cash allowance as part of salary for disallowable expenditure was affirmed for one assessment year, with the other left for reexamination due to an amendment. Case-Laws Income Tax Mon, 01 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187580