https://www.taxtmi.com/caselaws?id=10707 The High Court clarified that only liabilities pertaining to the new industrial undertaking should be deducted from the aggregate value of assets for relief under section 80J of the Income-tax Act, 1961. The Court ruled in favor of the assessee, upholding the decisions of the Commissioner of Income-tax (Appeals) and the Tribunal. The judgment resolved the issue in favor of the assessee, emphasizing that only liabilities of the new unit should be considered for deduction, resulting in a lower relief amount for the Revenue. en-us Mon, 11 Jul 2005 00:00:00 +0530 Wed, 22 Jul 2009 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10707 The High Court clarified that only liabilities pertaining to the new industrial undertaking should be deducted from the aggregate value of assets for relief under section 80J of the Income-tax Act, 1961. The Court ruled in favor of the assessee, upholding the decisions of the Commissioner of Income-tax (Appeals) and the Tribunal. The judgment resolved the issue in favor of the assessee, emphasizing that only liabilities of the new unit should be considered for deduction, resulting in a lower relief amount for the Revenue. Case-Laws Income Tax Mon, 11 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10707