https://www.taxtmi.com/caselaws?id=17486 The High Court of Kerala ruled in favor of the assessee, allowing the inclusion of work-in-progress in the computation of capital for section 80J deduction under the Income-tax Act, 1961. The court upheld the decision based on the gradual commencement of business operations and emphasized the importance of assets evolving into tangible business assets over time. The judgment referenced the Periyar Chemicals Ltd. case and rejected the Revenue's challenge, directing the Income-tax Appellate Tribunal to adjust the deduction calculation accordingly. en-us Mon, 28 Oct 1996 00:00:00 +0530 Tue, 22 Sep 2009 16:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17486 The High Court of Kerala ruled in favor of the assessee, allowing the inclusion of work-in-progress in the computation of capital for section 80J deduction under the Income-tax Act, 1961. The court upheld the decision based on the gradual commencement of business operations and emphasized the importance of assets evolving into tangible business assets over time. The judgment referenced the Periyar Chemicals Ltd. case and rejected the Revenue's challenge, directing the Income-tax Appellate Tribunal to adjust the deduction calculation accordingly. Case-Laws Income Tax Mon, 28 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17486