9911796707
TMI Blog2003 (1) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. In the instant reference the following questions of law have been referred to us for our opinion: "1. Whether, on the facts and in the circumstances of the case and on proper interpretation of rule 19A(3) of the Income-tax Rules, 1962, the Tribunal was legally correct in holding that for the purposes of deduction under section 80J the amount of borrowed moneys and debts owed by the assessee sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en held by the Supreme Court that borrowed capital cannot be included. Following the said decision, question No. 1 referred is answered in the negative, i.e., in favour of the Department and against the assessee. Now coming to question No. 2 it appears that there is a typing mistake in the referring order as it mentions rule 19A of the Income-tax Rules while it should be read as rule 19(5) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of capital employed in an industrial undertaking or a ship or the business of hotel for the purposes of the then section 84, which was operative up to the assessment year 1967-68. Section 84 of the Act was not operative for the relevant assessment years in question; hence rule 19 of the Income-tax Rules will have no application. In view of the fact that section 84 of the Income-tax Act was no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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