https://www.taxtmi.com/caselaws?id=60908 The Appellate Tribunal ITAT Chandigarh ruled in favor of the assessee in a case concerning the deduction claimed under section 80J of the Income-tax Act for the assessment year 1981-82. The issue revolved around whether a proposed dividend could be considered a debt owed by the assessee affecting the computation of capital employed. The Tribunal held that as the proposed dividend was not approved by the Annual General Meeting at the beginning of the computation period, it did not constitute a debt owed, and thus, the proposed dividend amount was not to be reduced from the total assets for computing capital employed under section 80J. en-us Mon, 24 Apr 1995 00:00:00 +0530 Sat, 08 Jan 2011 15:07:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60908 The Appellate Tribunal ITAT Chandigarh ruled in favor of the assessee in a case concerning the deduction claimed under section 80J of the Income-tax Act for the assessment year 1981-82. The issue revolved around whether a proposed dividend could be considered a debt owed by the assessee affecting the computation of capital employed. The Tribunal held that as the proposed dividend was not approved by the Annual General Meeting at the beginning of the computation period, it did not constitute a debt owed, and thus, the proposed dividend amount was not to be reduced from the total assets for computing capital employed under section 80J. Case-Laws Income Tax Mon, 24 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60908