https://www.taxtmi.com/caselaws?id=14094 The court ruled in favor of the assessee in interpreting relief under section 80J for a new unit operating for only 8 months during the relevant assessment year, citing a precedent for liberal construction of exemption provisions. However, the court disallowed the deduction of borrowing and current liabilities in computing capital for relief under section 80J, following an apex court ruling that excluded borrowed monies from 'capital employed' calculation. The decision provides clarity on these issues based on previous judgments and legislative intent. en-us Mon, 04 Dec 2000 00:00:00 +0530 Mon, 13 Jul 2009 16:06:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14094 The court ruled in favor of the assessee in interpreting relief under section 80J for a new unit operating for only 8 months during the relevant assessment year, citing a precedent for liberal construction of exemption provisions. However, the court disallowed the deduction of borrowing and current liabilities in computing capital for relief under section 80J, following an apex court ruling that excluded borrowed monies from 'capital employed' calculation. The decision provides clarity on these issues based on previous judgments and legislative intent. Case-Laws Income Tax Mon, 04 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14094