https://www.taxtmi.com/caselaws?id=25148 For section 80J, "capital employed" excludes borrowed moneys, so deduction is confined to the assessee's own capital. The retrospective amendment by the Finance (No. 2) Act, 1980 was treated as consistent with the settled Supreme Court position and supported the Revenue's stand. As a result, the claimed relief under section 80J was not available on borrowed capital, and the challenge to the notice under section 263, with the connected writ relief, was rejected. en-us Fri, 21 Aug 1987 00:00:00 +0530 Mon, 25 Jan 2010 16:33:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25148 For section 80J, "capital employed" excludes borrowed moneys, so deduction is confined to the assessee's own capital. The retrospective amendment by the Finance (No. 2) Act, 1980 was treated as consistent with the settled Supreme Court position and supported the Revenue's stand. As a result, the claimed relief under section 80J was not available on borrowed capital, and the challenge to the notice under section 263, with the connected writ relief, was rejected. Case-Laws Income Tax Fri, 21 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25148