https://www.taxtmi.com/caselaws?id=191617 For section 80J relief, capital employed had to be computed without deducting liabilities to third parties, following the Supreme Court rule in Lohia Machines Ltd., and the assessee's claim on that point failed. The sum of Rs. 3,34,369 was not treated as accrued income for the relevant year, applying the Court's earlier ruling in Seksaria Biswas Sugar Factory, and the assessee succeeded on that issue. Surtax liability was not allowable as business expenditure under section 37(1), in line with Lubrizol India Ltd., so the Revenue's position prevailed on that question. en-us Mon, 04 Apr 1994 00:00:00 +0530 Sat, 08 Apr 2017 13:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191617 For section 80J relief, capital employed had to be computed without deducting liabilities to third parties, following the Supreme Court rule in Lohia Machines Ltd., and the assessee's claim on that point failed. The sum of Rs. 3,34,369 was not treated as accrued income for the relevant year, applying the Court's earlier ruling in Seksaria Biswas Sugar Factory, and the assessee succeeded on that issue. Surtax liability was not allowable as business expenditure under section 37(1), in line with Lubrizol India Ltd., so the Revenue's position prevailed on that question. Case-Laws Income Tax Mon, 04 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191617