https://www.taxtmi.com/caselaws?id=55376 For section 80J relief, liabilities including current liabilities were not deducted from capital, and capital could be taken on a practical average of opening and closing figures rather than a strict day-by-day computation. Expenditure incurred to raise funds through redeemable preference shares was treated as revenue expenditure because it secured only the use of money for a period and did not create an enduring asset or advantage. Advertisement payments to political committees were disallowed for lack of business purpose, and surtax liability was rejected following the Tribunal's earlier view. en-us Tue, 29 Apr 1980 00:00:00 +0530 Fri, 26 Nov 2010 16:58:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55376 For section 80J relief, liabilities including current liabilities were not deducted from capital, and capital could be taken on a practical average of opening and closing figures rather than a strict day-by-day computation. Expenditure incurred to raise funds through redeemable preference shares was treated as revenue expenditure because it secured only the use of money for a period and did not create an enduring asset or advantage. Advertisement payments to political committees were disallowed for lack of business purpose, and surtax liability was rejected following the Tribunal's earlier view. Case-Laws Income Tax Tue, 29 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55376