1983 (9) TMI 75 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee on two questions regarding relief under section 80J of the Income-tax Act, 1961. The court concluded that the assessee was entitled to relief based on the inclusion of certain capital assets and the exclusion of interest not due on the first day of the accounting year for computing the capital employed. The court referred to relevant rules and previous judgments to support its decision. The court directed the parties to bear their own costs of the reference.