1984 (9) TMI 17

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.... from the value of its assets in the computation of its capital for the purpose of deduction under section 80J of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the furnishing of particulars was a condition precedent to the exercise of jurisdiction on the part of the Department to grant the depreciation allowance? " A few facts may be stated. The assessee is a co-operative society deriving income from manufacture and sale of sugar. We are concerned with the assessment year 1968-69. The assessee claimed relief under s. 80J of the I.T. Act, 1961. The ITO excluded from the computation of capital employed an amount of Rs. 41,29,543 which represented d....

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....From the aggregate of the amounts as ascertained under subrule (2) shall be deducted the aggregate of the amounts, as on the first day of the computation period, of borrowed moneys and debts due by the assessee (including amounts due towards any liability in respect of tax), not being. ..... (a) in the case of an assessee being a company, the amount of its debentures, if any, and (b) in the case of any assessee (including a company) any moneys borrowed from an approved source for the creation of a capital asset in India, if the agreement under which such moneys are borrowed provides for the repayment thereof during a period of not less than seven years." Mr. Dastur on behalf of the assessee has pointed out that the aggregate amount....