https://www.taxtmi.com/caselaws?id=29323 The court ruled in favor of the Revenue in both issues presented. It denied the development rebate claim for a public sector company manufacturing telephone cables, stating that the cables did not qualify under item No. 7 of the Fifth Schedule for development rebate eligibility. Additionally, the court upheld the exclusion of borrowed capital from the capital employed calculation for the deduction under section 80J of the Income-tax Act, in line with the retrospective amendment by the Finance Act of 1980. en-us Thu, 24 Sep 1981 00:00:00 +0530 Fri, 12 Mar 2010 11:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29323 The court ruled in favor of the Revenue in both issues presented. It denied the development rebate claim for a public sector company manufacturing telephone cables, stating that the cables did not qualify under item No. 7 of the Fifth Schedule for development rebate eligibility. Additionally, the court upheld the exclusion of borrowed capital from the capital employed calculation for the deduction under section 80J of the Income-tax Act, in line with the retrospective amendment by the Finance Act of 1980. Case-Laws Income Tax Thu, 24 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29323