1984 (2) TMI 62

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..... 256(2) of the I.T. Act, 1961, for asking the Tribunal to state a case and raise the following question of law: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of the advance tax paid on account of the profits of the new industrial undertaking constitutes an asset the value of which should be considered in the computation of .....

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..... ax paid is not an asset. The assessee has submitted that advance tax payment is in the nature of a deposit. The assessee has also submitted that the capital has been correctly computed in any view of the matter in the present case. Mr. R. J. Joshi, learned counsel for the Department, drew our attention to a decision in the case of CWT v. Arvindbhai Chinubhai [1982] 133 ITR 800 (Guj), to the effe .....

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..... manner, the full liability has been shown ; and on the "assets " side the amount of advance tax paid has been shown. This, how ever, makes no difference to the net result. In our view, therefore, the capital employed in the present undertaking for the purpose of s. 80J of the I.T. Act, 1961, has been correctly calculated. The rule is, therefore, discharged. No order as to costs. - .....

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