1990 (11) TMI 51 - HC - Income Tax

Summary

The High Court of Allahabad ruled that loans taken by the assessee must be deducted while computing its capital for determining relief under section 80J of the Income-tax Act, 1961. The decision was based on the Supreme Court case Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308. The judgment favored the Revenue and went against the assessee.