https://www.taxtmi.com/caselaws?id=38065 The High Court held that uninstalled machinery should be considered in computing capital employed for relief under s. 80J(3) of the Income Tax Act, 1961. The court ruled in favor of the assessee, emphasizing that the concept of "capital employed" focuses on the money invested in purchasing assets, not necessarily their actual use in the business. The decision aligned with interpretations by the Appellate Tribunal and previous rulings by the Calcutta and Karnataka High Courts, as well as the House of Lords in England. The Commissioner was directed to bear the costs of the reference. en-us Wed, 18 Oct 1978 00:00:00 +0530 Sat, 03 Apr 2010 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38065 The High Court held that uninstalled machinery should be considered in computing capital employed for relief under s. 80J(3) of the Income Tax Act, 1961. The court ruled in favor of the assessee, emphasizing that the concept of "capital employed" focuses on the money invested in purchasing assets, not necessarily their actual use in the business. The decision aligned with interpretations by the Appellate Tribunal and previous rulings by the Calcutta and Karnataka High Courts, as well as the House of Lords in England. The Commissioner was directed to bear the costs of the reference. Case-Laws Income Tax Wed, 18 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38065