https://www.taxtmi.com/caselaws?id=27680 The High Court ruled in favor of the assessee, affirming their entitlement to relief under section 80J of the Income Tax Act. The Court emphasized the lack of a direct connection between borrowed funds and the investment in the branch unit, aligning with Circular No. 380 issued by the Board of Direct Taxes. The Tribunal's findings were upheld, and the appeal by the Revenue was dismissed. The judgment highlighted the importance of considering liabilities and assets of the industrial undertaking separately, ultimately deciding in favor of the assessee without awarding costs to either party. en-us Tue, 17 Jul 1984 00:00:00 +0530 Mon, 15 Feb 2010 13:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27680 The High Court ruled in favor of the assessee, affirming their entitlement to relief under section 80J of the Income Tax Act. The Court emphasized the lack of a direct connection between borrowed funds and the investment in the branch unit, aligning with Circular No. 380 issued by the Board of Direct Taxes. The Tribunal's findings were upheld, and the appeal by the Revenue was dismissed. The judgment highlighted the importance of considering liabilities and assets of the industrial undertaking separately, ultimately deciding in favor of the assessee without awarding costs to either party. Case-Laws Income Tax Tue, 17 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27680