https://www.taxtmi.com/caselaws?id=11837 For deduction under section 80J, borrowed capital and debts owed by the assessee are excluded from capital employed, because borrowed funds do not form part of the relevant capital base. The court also noted that rule 19 of the Income-tax Rules, which applied to the earlier section 84 regime, could not be used for assessment years governed by section 80J after section 84 had ceased to operate. On that basis, reliance on the earlier rule and authority was misplaced for the period in question, and the assessee's claim on both issues failed. en-us Thu, 02 Jan 2003 00:00:00 +0530 Sun, 22 Dec 2024 08:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11837 For deduction under section 80J, borrowed capital and debts owed by the assessee are excluded from capital employed, because borrowed funds do not form part of the relevant capital base. The court also noted that rule 19 of the Income-tax Rules, which applied to the earlier section 84 regime, could not be used for assessment years governed by section 80J after section 84 had ceased to operate. On that basis, reliance on the earlier rule and authority was misplaced for the period in question, and the assessee's claim on both issues failed. Case-Laws Income Tax Thu, 02 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11837