https://www.taxtmi.com/caselaws?id=21218 The High Court of Allahabad ruled against the assessee, affirming that the transferred amount from the head office to the distillery could not be considered as capital for the distillery under section 80J of the Income-tax Act. The court emphasized that the transferred sum constituted borrowed money and not eligible capital, in accordance with rule 19A(3) of the Income-tax Rules. The judgment upheld the Tribunal's decision, denying the deduction claim for the distillery's capital and ruling in favor of the Revenue based on established legal principles. en-us Tue, 17 Dec 1991 00:00:00 +0530 Fri, 20 Nov 2009 18:16:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21218 The High Court of Allahabad ruled against the assessee, affirming that the transferred amount from the head office to the distillery could not be considered as capital for the distillery under section 80J of the Income-tax Act. The court emphasized that the transferred sum constituted borrowed money and not eligible capital, in accordance with rule 19A(3) of the Income-tax Rules. The judgment upheld the Tribunal's decision, denying the deduction claim for the distillery's capital and ruling in favor of the Revenue based on established legal principles. Case-Laws Income Tax Tue, 17 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21218