9911796707
TMI Blog1992 (10) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellate Tribunal has referred the following question under section 256(1) of the Income-tax Act, 1961 (briefly, "the Act"), for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the fixed deposit should be included in the computation of capital for making out the relief under section 80J of the Act ? " The refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of the F. D. Rs. in the computation of capital employed. The assessee then appealed to the Appellate Assistant Commissioner who accepted the contention of the assessee. He observed as follows in paragraph 2 of his order : " I have carefully considered the arguments of the appellant and the provisions of rule 19A of the Income-tax Rules, 1962, in this regard. The whole confusion appears ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mputing the profits of the business and other moneys not required for the purpose of the business on the first day of the accounting period are to be further deducted in so far as the aggregate of such items exceeds the amount of the borrowed moneys as computed under sub-rule (3) of rule 19A of the Rules. Keeping in view clause (ii) of sub-rule (2) of rule 19A and sub-rule (4) of rule 19A of the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concerned, that has not been challenged as such and no reference has been made in regard to that and, therefore, we refrain from making any comments as to the correctness of the further working done by the Appellate Assistant Commissioner in his order. For the reasons, we answer the abovementioned question in the affirmative, that is, in favour of the assessee and against the Revenue. No order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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