1988 (12) TMI 10

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the instance of the assessee and they read thus : " 1. Whether, on the facts and in the circumstances of the case, the sum of Rs. 14,79,000 being loan from Industrial Finance Corporation of India was includible in the capital computation base of the assessee for the accounting period relevant to the assessment year 1972-73 in view of section 80J(1) of the Income-tax Act, 1961/rule 19A of the Inco .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e in the capital computation base of the assessee under section 80J of the Income-tax Act, 1961/rule 19A of the Income-tax Rules, 1962 ?" It is agreed that the first and third questions must be answered in the negative and in favour of the Revenue in view of the Supreme Court's judgment in Lohia Machines Ltd. v. Union of India [1985] 152 ITR 308. The questions are so answered. In view of the answ .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X