https://www.taxtmi.com/caselaws?id=23071 Borrowed moneys taken from financial institutions, banks and unsecured lenders were not includible in the capital computation base for relief under section 80J read with rule 19A. The Bombay HC applied the Supreme Court ruling in Lohia Machines Ltd. v. Union of India, which settled that borrowed funds fall outside the relevant capital base for this computation. The includibility of the borrowed sums was therefore answered against the assessee and in favour of the Revenue. en-us Fri, 09 Dec 1988 00:00:00 +0530 Wed, 16 Dec 2009 15:09:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23071 Borrowed moneys taken from financial institutions, banks and unsecured lenders were not includible in the capital computation base for relief under section 80J read with rule 19A. The Bombay HC applied the Supreme Court ruling in Lohia Machines Ltd. v. Union of India, which settled that borrowed funds fall outside the relevant capital base for this computation. The includibility of the borrowed sums was therefore answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Fri, 09 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23071