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TMI Blog1984 (9) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... the computation of its capital for the purpose of deduction under section 80J of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the furnishing of particulars was a condition precedent to the exercise of jurisdiction on the part of the Department to grant the depreciation allowance? " A few facts may be stated. The assessee is a co-operative society deriving income from manufacture and sale of sugar. We are concerned with the assessment year 1968-69. The assessee claimed relief under s. 80J of the I.T. Act, 1961. The ITO excluded from the computation of capital employed an amount of Rs. 41,29,543 which represented deposits received by the assessee f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ascertained under subrule (2) shall be deducted the aggregate of the amounts, as on the first day of the computation period, of borrowed moneys and debts due by the assessee (including amounts due towards any liability in respect of tax), not being. ..... (a) in the case of an assessee being a company, the amount of its debentures, if any, and (b) in the case of any assessee (including a company) any moneys borrowed from an approved source for the creation of a capital asset in India, if the agreement under which such moneys are borrowed provides for the repayment thereof during a period of not less than seven years." Mr. Dastur on behalf of the assessee has pointed out that the aggregate amount of deposit in the instant case could no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the said claim. We will not speculate on what argument was actually advanced and how the argument was developed before the Tribunal, but having read the discussion in the appellate order, we find that it is not concerned directly with the claim or computation of deduction under s. 80J and in that view of the matter we think we should not answer question No. 2. It may be made clear that any such question directly connected with an assessee's claim for deduction under s. 80J is expressly left open for future consideration if occasion arises. In the view that we have taken, it is unnecessary to answer question No. 2 or to consider whether any such argument ought to have been allowed to be taken for the first time before the Tribunal. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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