https://www.taxtmi.com/caselaws?id=58858 The Tribunal held that preliminary expenses, considered fictitious assets, cannot be included in the computation of capital employed for section 80J relief under the Income-tax Act, 1961. The corresponding liabilities for these expenses should be deducted from the asset value. The appeal by the assessee-company, seeking to include preliminary expenses in capital employed, was dismissed. The Tribunal emphasized that such expenses do not qualify as assets and affirmed the retrospective amendment of section 80J, upholding the exclusion of preliminary expenses from the capital employed calculation. en-us Fri, 10 May 1985 00:00:00 +0530 Wed, 22 Dec 2010 15:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58858 The Tribunal held that preliminary expenses, considered fictitious assets, cannot be included in the computation of capital employed for section 80J relief under the Income-tax Act, 1961. The corresponding liabilities for these expenses should be deducted from the asset value. The appeal by the assessee-company, seeking to include preliminary expenses in capital employed, was dismissed. The Tribunal emphasized that such expenses do not qualify as assets and affirmed the retrospective amendment of section 80J, upholding the exclusion of preliminary expenses from the capital employed calculation. Case-Laws Income Tax Fri, 10 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58858