https://www.taxtmi.com/caselaws?id=24845 The case involved the computation of income for the assessment year 1976-77 by M/s. Southern Agrifurane Industries Limited, claiming relief under section 80J of the Income-tax Act, 1961. The High Court upheld the Tribunal's decision to include borrowed capital, capital work-in-progress, stores in transit, and raw materials in transit in the capital computation for relief under section 80J. The court emphasized that the retrospective effect of the amendment did not alter the established principle, directing the Income-tax Officer to recompute the relief accordingly. The interpretation of "capital employed" in an industrial undertaking under section 80J was crucial, with the court relying on precedents to support its decision for uniform legal interpretation. en-us Wed, 22 Jun 1988 00:00:00 +0530 Fri, 22 Jan 2010 16:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24845 The case involved the computation of income for the assessment year 1976-77 by M/s. Southern Agrifurane Industries Limited, claiming relief under section 80J of the Income-tax Act, 1961. The High Court upheld the Tribunal's decision to include borrowed capital, capital work-in-progress, stores in transit, and raw materials in transit in the capital computation for relief under section 80J. The court emphasized that the retrospective effect of the amendment did not alter the established principle, directing the Income-tax Officer to recompute the relief accordingly. The interpretation of "capital employed" in an industrial undertaking under section 80J was crucial, with the court relying on precedents to support its decision for uniform legal interpretation. Case-Laws Income Tax Wed, 22 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24845