https://www.taxtmi.com/caselaws?id=28419 The court held that 'borrowed capital' must be excluded from the computation of capital for section 80J purposes. It also ruled that the disallowance of managing director's remuneration under section 40A(5)(c)(i) should be Rs. 20,000, not the reduced amount of Rs. 8,000 as determined by the Tribunal. The court found in favor of the Revenue and against the assessee on both issues, with no costs awarded due to statutory complexity. The judgment will be shared with the Tribunal as mandated. en-us Fri, 02 Jul 1982 00:00:00 +0530 Mon, 22 Feb 2010 13:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28419 The court held that 'borrowed capital' must be excluded from the computation of capital for section 80J purposes. It also ruled that the disallowance of managing director's remuneration under section 40A(5)(c)(i) should be Rs. 20,000, not the reduced amount of Rs. 8,000 as determined by the Tribunal. The court found in favor of the Revenue and against the assessee on both issues, with no costs awarded due to statutory complexity. The judgment will be shared with the Tribunal as mandated. Case-Laws Income Tax Fri, 02 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28419