https://www.taxtmi.com/caselaws?id=23805 Machinery acquired for business remained part of capital employed under section 80J read with rule 19A(2) even though it was still in transit and had not yet been installed or put to use. The controlling principle is that capital used to acquire an asset for business purposes is treated as employed in the business once acquisition is complete, and temporary non-installation does not alter that character. The text states that this interpretation was already supported by earlier binding authority, and on that basis the machinery in transit was includible in capital employed for relief under section 80J. en-us Thu, 07 Sep 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:33:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23805 Machinery acquired for business remained part of capital employed under section 80J read with rule 19A(2) even though it was still in transit and had not yet been installed or put to use. The controlling principle is that capital used to acquire an asset for business purposes is treated as employed in the business once acquisition is complete, and temporary non-installation does not alter that character. The text states that this interpretation was already supported by earlier binding authority, and on that basis the machinery in transit was includible in capital employed for relief under section 80J. Case-Laws Income Tax Thu, 07 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23805