https://www.taxtmi.com/caselaws?id=36516 The High Court of Karnataka ruled in favor of the assessee, determining that a sum of Rs. 6,00,000 paid for share allotment should not be considered as borrowed moneys or debt due by the assessee-company under Rule 19A(3) for relief under section 80J of the Income Tax Act. The Court held that since the amount was contingent upon Reserve Bank approval for share allotment and not a debt owed on the initial computation day, it did not qualify as a liability for deduction. The Court upheld the Tribunal's decision, supporting the assessee's position. en-us Mon, 30 Jun 1980 00:00:00 +0530 Mon, 22 Mar 2010 18:44:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36516 The High Court of Karnataka ruled in favor of the assessee, determining that a sum of Rs. 6,00,000 paid for share allotment should not be considered as borrowed moneys or debt due by the assessee-company under Rule 19A(3) for relief under section 80J of the Income Tax Act. The Court held that since the amount was contingent upon Reserve Bank approval for share allotment and not a debt owed on the initial computation day, it did not qualify as a liability for deduction. The Court upheld the Tribunal's decision, supporting the assessee's position. Case-Laws Income Tax Mon, 30 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36516