https://www.taxtmi.com/caselaws?id=23810 Borrowed money is not includible in "capital employed" for section 80J relief because the Supreme Court position treats borrowed capital as excluded from that computation. Accordingly, when value of assets is determined under rule 19A(2), rule 19A(3) requires borrowed funds to be left out of the assets base used for calculating capital employed. The reference was answered in favour of the Revenue and against the assessee. en-us Wed, 09 Aug 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:47:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23810 Borrowed money is not includible in "capital employed" for section 80J relief because the Supreme Court position treats borrowed capital as excluded from that computation. Accordingly, when value of assets is determined under rule 19A(2), rule 19A(3) requires borrowed funds to be left out of the assets base used for calculating capital employed. The reference was answered in favour of the Revenue and against the assessee. Case-Laws Income Tax Wed, 09 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23810