https://www.taxtmi.com/caselaws?id=16591 The High Court ruled against the assessee in a case concerning the deduction under section 80J of the Income-tax Act, 1961. The Court held that capital employed for the deduction must be computed as on the first day of the computation period, emphasizing the importance of having opening capital. The Court rejected the assessee's plea to determine capital later in the year and sided with the Revenue, citing the necessity to follow statutory provisions and Supreme Court decisions in interpreting tax laws for industrial undertakings. en-us Wed, 05 Mar 1997 00:00:00 +0530 Tue, 08 Sep 2009 16:36:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16591 The High Court ruled against the assessee in a case concerning the deduction under section 80J of the Income-tax Act, 1961. The Court held that capital employed for the deduction must be computed as on the first day of the computation period, emphasizing the importance of having opening capital. The Court rejected the assessee's plea to determine capital later in the year and sided with the Revenue, citing the necessity to follow statutory provisions and Supreme Court decisions in interpreting tax laws for industrial undertakings. Case-Laws Income Tax Wed, 05 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16591