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Amendment of section 80J
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....be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1972; (b) after sub-section (1), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1972, namely :- '(1A) (I) For the purposes of this section, the capital employed in an industrial undertaking or the busi....
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....value of the assets when they became assets of the business; (iv) in the case of assets, being debts due to the person carrying on the business, the nominal amount of those debts; (v) in the case of assets, being cash in hand or bank, the amount thereof. Explanation 1 : In this clause, "actual cost" has the same meaning as in clause (1) of section 43. Explanatio....
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....rds any liability in respect of tax). Explanation : For the purposes of this clause, - (i) "tax" means - (a) income-tax or super-tax (including advance tax) due under any provision of this Act; (b) wealth-tax due under any provision of the Wealth-tax Act, 1957 (27 of 1957); (c) gift-tax due under any provision of the Gift-tax Act, 1958 (18 of 1958); ....
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....or the purpose of the business, in so far as the aggregate of such investments or moneys exceed the amount of the borrowed moneys which under clause (III) are required to be deducted in computing the capital. (V) The capital employed in a ship shall be taken to be the written down value of the ship as reduced by the aggregate of the amounts owed by the assessee as on the computation date ....