1979 (8) TMI 117 - AT - Income Tax

Summary

The Misc. Petition related to ground Nos. 7 and 8 of an appeal before ITAT MADRAS-A regarding verification of figure to gross assets. The Deptl. Rep. did not address these grounds, but they were considered by the Tribunal. The dispute was whether an advance to Director should be included in capital employed. The Tribunal agreed with the assessee's counsel that the advance should be considered as part of assets, leading to a higher figure for capital employed. The Misc. Petition was rejected. (Case Citation: 1979 (8) TMI 117 - ITAT MADRAS-A)