https://www.taxtmi.com/caselaws?id=37341 The court held in favor of the assessee, ruling that half the profits should be added to the capital employed as per rule 19(5) of the Income-tax Rules, 1962. The court emphasized the legislative intent to extend tax concessions by considering the average capital employed, including the fiction of evenly accrued profits. The decision highlighted the importance of interpreting tax provisions in line with legislative intent to ensure fair tax reliefs based on the average capital employed, incorporating deemed profits. en-us Fri, 28 Jul 1978 00:00:00 +0530 Mon, 29 Mar 2010 11:50:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37341 The court held in favor of the assessee, ruling that half the profits should be added to the capital employed as per rule 19(5) of the Income-tax Rules, 1962. The court emphasized the legislative intent to extend tax concessions by considering the average capital employed, including the fiction of evenly accrued profits. The decision highlighted the importance of interpreting tax provisions in line with legislative intent to ensure fair tax reliefs based on the average capital employed, incorporating deemed profits. Case-Laws Income Tax Fri, 28 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37341