Interpretation of the term "Capital employed" in Section 80J of Income Tax Act 1961.

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..... Rule 19A has arisen after the two decisions of the Calcutta High Court both in the case of Century Enka Ltd. Vs. ITO (107 ITR 123 and 107 ITR 909) which decisions have been followed by the Madras High Court in Madras Industrial Linings Ltd. Vs. ITO (110 ITR 256) and also by the Allahabad High Court in Kota Box Manufacturing Company Vs. ITO (1989 TLR 640). It has been held that the Rule 19A(3) is .....

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..... is pending. Against the Madras decision, petition for special leave to appeal has been filed in the Supreme Court. Against the Allahabad decision, by certificate of the High Court, an appeal has been filed in the Supreme Court. As huge stakes of revenue are involved and the controversy is still unsettled, it is necessary to keep the matters alive in all cases of assessees even within the jurisdict .....

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