1984 (7) TMI 197

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..... ing deduction under s. 80JJ. In computing the capital employed in the new industrial undertaking as on the first day of the previous year computation period (1st July, 1976) the ITO had excluded the sum of Rs. 22,041 as value of installed machinery not used for the purpose of the undertaking. On the assessee s appeal the Commissioner (A) observed that the above machinery was not used in the busine .....

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..... ition the assessee s claim is to be accepted, following the cited Madras High Court decision. 2. The assessee s next contention is that the borrowed capital should not be ignored for the purpose of computing relief under s. 80J, since the retrospective amendment of s. 80J is being challenged before the Supreme Court. The Commissioner (A) has upheld the ITO s exclusion of the borrowed capital in .....

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