https://www.taxtmi.com/caselaws?id=37660 The High Court affirmed the assessee's entitlement to depreciation on the cost of digging a well, allowing depreciation at 10%. However, the Court ruled against the assessee regarding the method of computing capital for relief under section 80J, stating that only moneys and debts due and payable should be deducted. Additionally, the Court held that borrowed monies and debts owed must be deducted in computing the capital employed for relief under section 80J. The Court rejected the challenge to the vires of rule 19A(3), stating it could not be entertained in the reference under section 256 of the Act. en-us Wed, 18 Jan 1978 00:00:00 +0530 Wed, 31 Mar 2010 12:09:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37660 The High Court affirmed the assessee's entitlement to depreciation on the cost of digging a well, allowing depreciation at 10%. However, the Court ruled against the assessee regarding the method of computing capital for relief under section 80J, stating that only moneys and debts due and payable should be deducted. Additionally, the Court held that borrowed monies and debts owed must be deducted in computing the capital employed for relief under section 80J. The Court rejected the challenge to the vires of rule 19A(3), stating it could not be entertained in the reference under section 256 of the Act. Case-Laws Income Tax Wed, 18 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37660