https://www.taxtmi.com/caselaws?id=25823 Gratuity liability for past services of current employees, where the statutory obligation accrued during the relevant accounting year, was deductible in computing total income. Borrowed money, however, could not be treated as part of "capital employed" for relief under section 80J read with rule 19A, because binding authority excludes borrowed funds from that computation. The reference was therefore answered partly in favour of the assessee on the gratuity issue and partly in favour of the Revenue on the capital-employed issue. en-us Mon, 03 Feb 1986 00:00:00 +0530 Mon, 01 Feb 2010 11:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25823 Gratuity liability for past services of current employees, where the statutory obligation accrued during the relevant accounting year, was deductible in computing total income. Borrowed money, however, could not be treated as part of "capital employed" for relief under section 80J read with rule 19A, because binding authority excludes borrowed funds from that computation. The reference was therefore answered partly in favour of the assessee on the gratuity issue and partly in favour of the Revenue on the capital-employed issue. Case-Laws Income Tax Mon, 03 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25823