https://www.taxtmi.com/caselaws?id=35689 The court declared Rule 19A(3) and Rule 19A(2) of the Income Tax Rules, 1962, as ultra vires of Section 80J of the Income Tax Act, 1961, and quashed the assessments made under these rules. However, Rule 19A(2)(i) was upheld as valid. The authorities were directed to make fresh assessments by ignoring the invalidated rules and computing the capital employed during the entire previous year, including borrowed monies and debts due from the assessee, and allowing a rebate of six percent on the entire capital employed during the previous year. en-us Fri, 25 Apr 1980 00:00:00 +0530 Tue, 16 Mar 2010 11:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35689 The court declared Rule 19A(3) and Rule 19A(2) of the Income Tax Rules, 1962, as ultra vires of Section 80J of the Income Tax Act, 1961, and quashed the assessments made under these rules. However, Rule 19A(2)(i) was upheld as valid. The authorities were directed to make fresh assessments by ignoring the invalidated rules and computing the capital employed during the entire previous year, including borrowed monies and debts due from the assessee, and allowing a rebate of six percent on the entire capital employed during the previous year. Case-Laws Income Tax Fri, 25 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35689