1984 (12) TMI 17 - HC - Income Tax

Summary

The High Court of Andhra Pradesh considered a reference related to the computation of relief under section 80J of the Income-tax Act, 1961, for the assessment years 1972 and 1973. The court held that loans from approved financial institutions are not 'capital' employed for this purpose. The court referred to the case law and amendments to section 80J. The court rejected the arguments presented by the assessee's counsel and ruled in favor of the Revenue.