https://www.taxtmi.com/caselaws?id=20261 Relief under section 80J, as modified by rule 19A, was confined to capital employed as on the first day of the computation period. The phrase "as on the first day" meant the capital actually in existence at the commencement of that day, i.e. the opening balance, and not transactions occurring later the same day. The earlier decision on the retrospective amendment did not expand the computation to include intra-day transactions. The deduction therefore had to be computed only on the opening balance on the first day, and the Tribunal was wrong in ignoring rule 19A; the question was answered against the assessee and in favour of the Revenue. en-us Wed, 16 Mar 1994 00:00:00 +0530 Thu, 12 Nov 2009 17:55:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20261 Relief under section 80J, as modified by rule 19A, was confined to capital employed as on the first day of the computation period. The phrase "as on the first day" meant the capital actually in existence at the commencement of that day, i.e. the opening balance, and not transactions occurring later the same day. The earlier decision on the retrospective amendment did not expand the computation to include intra-day transactions. The deduction therefore had to be computed only on the opening balance on the first day, and the Tribunal was wrong in ignoring rule 19A; the question was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 16 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20261