1994 (4) TMI 395 - HC - Income Tax

Summary

The High Court of Bombay addressed multiple questions under the IT Act, 1961:

1. The Tribunal should consider gross asset value for relief under s. 80J.
2. A sum of Rs. 3,34,369 was not assessable as accrued income.
3. Surtax liability of Rs. 4,63,075 was not an allowable business expenditure.
4. Additional grounds of appeal on capital computation under s. 80J were not admitted.

The Court ruled in favor of the Revenue for questions 1 and 3, and in favor of the assessee for question 2. Question 4 was not answered as it was deemed academic. The reference was disposed of with no costs.