https://www.taxtmi.com/caselaws?id=39058 The court held that rule 19A(2) and rule 19A(3) were invalid in computing capital employed for relief under section 80J of the Income-tax Act, 1961. Rule 19A(2) was found to be beyond the scope of section 80J as it based capital employed on the first day of the computation period. Rule 19A(3) was deemed ultra vires as it restricted relief to borrowings from approved sources. The assessment order was set aside, and the Income-tax Officer was directed to conduct a fresh assessment. en-us Thu, 29 Apr 1976 00:00:00 +0530 Mon, 12 Apr 2010 12:38:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39058 The court held that rule 19A(2) and rule 19A(3) were invalid in computing capital employed for relief under section 80J of the Income-tax Act, 1961. Rule 19A(2) was found to be beyond the scope of section 80J as it based capital employed on the first day of the computation period. Rule 19A(3) was deemed ultra vires as it restricted relief to borrowings from approved sources. The assessment order was set aside, and the Income-tax Officer was directed to conduct a fresh assessment. Case-Laws Income Tax Thu, 29 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39058