https://www.taxtmi.com/caselaws?id=19776 Borrowed capital cannot be included in the capital base for recomputation of relief under section 80J of the Income-tax Act, 1961. The Tribunal had relied on an earlier High Court view allowing such inclusion, but that view was later disapproved by the Supreme Court, which held that borrowed capital does not form part of the capital base for section 80J purposes. The assessee accepted that position, and the question was answered in the negative in favour of the Revenue. en-us Tue, 26 Apr 1994 00:00:00 +0530 Mon, 09 Nov 2009 15:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19776 Borrowed capital cannot be included in the capital base for recomputation of relief under section 80J of the Income-tax Act, 1961. The Tribunal had relied on an earlier High Court view allowing such inclusion, but that view was later disapproved by the Supreme Court, which held that borrowed capital does not form part of the capital base for section 80J purposes. The assessee accepted that position, and the question was answered in the negative in favour of the Revenue. Case-Laws Income Tax Tue, 26 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19776