https://www.taxtmi.com/caselaws?id=27902 Advance tax paid on a new industrial undertaking was not to be treated as an independent asset for computing capital employed under section 80J; the computation had to follow rule 19A of the Income-tax Rules, 1962, including deduction of amounts due towards tax liability under sub-rule (3). The presentation of the tax entry on the assets side of the balance-sheet did not alter the net capital computation, because the corresponding liability entry reflected the reduced tax burden. On that basis, the capital employed was correctly calculated and the issue was resolved in favour of the Revenue. en-us Wed, 01 Feb 1984 00:00:00 +0530 Tue, 16 Feb 2010 17:01:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27902 Advance tax paid on a new industrial undertaking was not to be treated as an independent asset for computing capital employed under section 80J; the computation had to follow rule 19A of the Income-tax Rules, 1962, including deduction of amounts due towards tax liability under sub-rule (3). The presentation of the tax entry on the assets side of the balance-sheet did not alter the net capital computation, because the corresponding liability entry reflected the reduced tax burden. On that basis, the capital employed was correctly calculated and the issue was resolved in favour of the Revenue. Case-Laws Income Tax Wed, 01 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27902