https://www.taxtmi.com/caselaws?id=20884 The court ruled that borrowed moneys and debts due by the assessee should be deducted from the capital when computing for tax purposes under sections 84 and 80J. The distinction between 'debts due' and 'debts owed' was emphasized, with the court clarifying that all borrowed moneys, regardless of their repayment due date, must be deducted. The judgment highlighted that only 'debts due' for payment should be excluded while computing capital under section 84, and for section 80J, only debts due for payment on the first day of the computation period should be excluded. en-us Wed, 21 Oct 1992 00:00:00 +0530 Tue, 17 Nov 2009 17:37:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20884 The court ruled that borrowed moneys and debts due by the assessee should be deducted from the capital when computing for tax purposes under sections 84 and 80J. The distinction between 'debts due' and 'debts owed' was emphasized, with the court clarifying that all borrowed moneys, regardless of their repayment due date, must be deducted. The judgment highlighted that only 'debts due' for payment should be excluded while computing capital under section 84, and for section 80J, only debts due for payment on the first day of the computation period should be excluded. Case-Laws Income Tax Wed, 21 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20884