https://www.taxtmi.com/caselaws?id=12906 For section 80J computation, borrowed money was not to be included in capital employed because rule 19A(3) of the Income-tax Rules, 1962, applied as held in Lohia Machines Ltd. v. Union of India; the answer was therefore against the assessee. Capital employed was also required to be taken as on the first day of the accounting period, not by averaging the opening and closing figures; the Tribunal's averaging approach was rejected and recomputation was directed accordingly. en-us Mon, 16 Jul 2001 00:00:00 +0530 Sun, 06 Feb 2011 01:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12906 For section 80J computation, borrowed money was not to be included in capital employed because rule 19A(3) of the Income-tax Rules, 1962, applied as held in Lohia Machines Ltd. v. Union of India; the answer was therefore against the assessee. Capital employed was also required to be taken as on the first day of the accounting period, not by averaging the opening and closing figures; the Tribunal's averaging approach was rejected and recomputation was directed accordingly. Case-Laws Income Tax Mon, 16 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12906