Tax holiday relief u/s 80-J, Income Tax Act.

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..... 71 completed in October, 1972, tax holiday relief (section 80-J deduction) was allowed to the extent of Rs. 88,54,254, being 6% of the capital employed in a new industrial undertaking which was computed at Rs. 14,75,70,913. The capital computation was incorrect because the total value of the depreciable assets as on the first day of the computation period was taken at Rs. 12,38,12,606 and sums of .....

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..... he business of the undertaking as on the first day of the computation period. In view thereof, the value of such machinery or plant cannot be included in computing the capital employed in the undertaking under rule 19A of the Income-tax Rules. The provisions of the said rule do not also provide for the inclusion of fictitious assets in the computation of the capital of the undertaking. - Circula .....

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