1979 (8) TMI 117

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....eal in the Deptl. Appeal ITA Nos. 1676/Mds/77-78 before the Tribunal regarding the verification of figure to gross assets Rs. 56,55,629. After going through the grounds of appeal and also the records, it is noticed that the Deptl. Rep. did not deal with these grounds. However, in the light of the present application and in the light of the fact that this specific ground has been raised before the ....

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....bmission of the assessee's counsel that in working out the capital, employed, the scope is not limited as one has to see the capital employed for the purpose of business and the present legal position mostly is that the entire capital and borrowings would constitute capital employed. In the above cited case, the Hon'ble Himachal Pradesh High Court held as under: "The capital which is "employed"....