9911796707
TMI Blog1979 (8) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... verification of figure to gross assets Rs. 56,55,629. After going through the grounds of appeal and also the records, it is noticed that the Deptl. Rep. did not deal with these grounds. However, in the light of the present application and in the light of the fact that this specific ground has been raised before the Tribunal, we are of the view that these grounds are to be considered and we do so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scope is not limited as one has to see the capital employed for the purpose of business and the present legal position mostly is that the entire capital and borrowings would constitute capital employed. In the above cited case, the Hon'ble Himachal Pradesh High Court held as under: "The capital which is "employed" in a particular undertaking should not be confused with the capital which is used ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dvance to director is nothing but a debt due to the company, and, therefore, it has been rightly claimed by the assessee as forming part of the assets. We agree with the assessee's counsel that this item would fall under s. 19A(2)(iv) and, therefore, we are of the opinion that the capital employed would represent the assets of the figure of Rs. 56,55,629 instead of Rs. 56,21,903 taken by the ITO. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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