https://www.taxtmi.com/caselaws?id=23364 The High Court of Rajasthan ruled in favor of the Revenue in a case concerning deduction under section 80J of the Income-tax Act, 1961. The court held that borrowed money should not be considered as part of the capital employed in a new industrial undertaking, citing the precedent set in the Supreme Court case of Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308. The assessee's appeal was dismissed, and no costs were awarded. en-us Fri, 01 Apr 1988 00:00:00 +0530 Fri, 18 Dec 2009 16:06:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23364 The High Court of Rajasthan ruled in favor of the Revenue in a case concerning deduction under section 80J of the Income-tax Act, 1961. The court held that borrowed money should not be considered as part of the capital employed in a new industrial undertaking, citing the precedent set in the Supreme Court case of Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308. The assessee's appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Fri, 01 Apr 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23364