1992 (3) TMI 9 - HC - Income Tax

Summary

The High Court of Karnataka delivered a judgment in response to a reference made by the Revenue regarding the assessment year 1981-82. The question referred was about including the value of capital work-in-progress and plant and machinery in transit in the computation of capital. The court answered the question in the affirmative and in favor of the assessee based on a previous judgment in Ravi Machine Tools (P.) Ltd. v. CIT [1978] 114 ITR 459.