https://www.taxtmi.com/caselaws?id=36546 The court determined that rule 19A(3) was ultra vires section 80J of the Income Tax Act. It held that borrowed capital should be included in the computation of capital employed for the purpose of section 80J to encourage industrial development. The court found that the rule exceeded the rule-making authority granted under section 80J and directed the deductions to be allowed as per its observations, quashing the Commissioner's orders. en-us Wed, 07 May 1980 00:00:00 +0530 Tue, 23 Mar 2010 11:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36546 The court determined that rule 19A(3) was ultra vires section 80J of the Income Tax Act. It held that borrowed capital should be included in the computation of capital employed for the purpose of section 80J to encourage industrial development. The court found that the rule exceeded the rule-making authority granted under section 80J and directed the deductions to be allowed as per its observations, quashing the Commissioner's orders. Case-Laws Income Tax Wed, 07 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36546