https://www.taxtmi.com/caselaws?id=5999 A liability to satisfy the purchase price of plant and machinery by allotting equity shares did not amount to a debt for capital computation under section 80J. The obligation remained contingent until the shares were actually allotted, and a contingent liability was neither a debt in praesenti nor a debt in futuro. As a result, the share-allotment obligation could not be included in the capital base for section 80J purposes, and the revenue's challenge failed. en-us Thu, 10 Dec 1998 00:00:00 +0530 Sun, 30 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5999 A liability to satisfy the purchase price of plant and machinery by allotting equity shares did not amount to a debt for capital computation under section 80J. The obligation remained contingent until the shares were actually allotted, and a contingent liability was neither a debt in praesenti nor a debt in futuro. As a result, the share-allotment obligation could not be included in the capital base for section 80J purposes, and the revenue's challenge failed. Case-Laws Income Tax Thu, 10 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5999