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TMI Blog1990 (8) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... erences by the assessee and the Department. The Tribunal has referred to this court two questions at the instance of each party as questions of law. The questions read as under : At the instance of the assessee : "l. Whether, on the facts and circumstances of the case, the loans and the current liabilities relating to the undertaking at Jaipur should be deducted from the assets for both the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 80J of the Act ? 2. Whether, on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in holding that the deduction of borrowed monies and debts due by the assessee as provided for in rule 19A(3) should be made only in respect of the liabilities of the unit at Jaipur and in thus directing the Income-tax Officer to recompute the capital empl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. As regards the two questions referred at the instance of the Revenue also, counsel are agreed that both the questions are to be answered in the affirmative and in favour of the assessee in view of our court's judgment in the assessee's own case CIT v. Kamani Engineering Corporation Ltd. [1986] 161 ITR 473. The above two questions are, accordingly, answered in the affirmative and in favour of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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