REGENT COMPUTRONICS PVT. LTD.

WARNER HINDUSTAN LTD Appellant

V/S

INCOME-TAX OFFICER Respondents

Referred Judgements :-

BANGALORE WOOLLEN COTTON AND SILK MILLS CO LIMITED BANGALORE AND MYSORE SPINNING AND MANUFACTURING CO LIMITED BANGALORE VS. CORPORATION OF THE CITY OF BANGALORE [REFERRED TO]
CORPORATION OF CALCUTTA VS. LIBERTY CINEMA [REFERRED TO]
SHEIKH GULFAN TAPESWAR SAWOO J P OJHA FOR SELF AND KARTA OF JOINT FAMILY BRAHAMDEO OJHA SMT MATI BALA DASSI VS. SANAT KUMAR GANGULI [REFERRED TO]
G I T ANDHRA PRADESH VS. TAJ MAHAL HOTEL SECUNDERABAD [REFERRED TO]
KERALA STATE ELECTRICITY BOARD THE STATE OF KERALA KERALA STATE ELECTRICITY BOARD THE STATE OF KERALA KERALA STATE ELECTRICITY BOARD THE STATE OF KERALA KERALA STATE ELECTRICITY BOARD KERALA STATE ELECTRICITY BOARD KERALA STATE ELECTRICITY BOARD KERALA S VS. INDIAN ALUMINIUM CO LTD [REFERRED TO]
BABU RAM JAGDISH KUMAR VS. STATE OF PUNJAB [REFERRED TO]
KOTA BOX MANUFACTURING CO VS. INCOME TAX OFFICER [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. WARNER HINDUSTAN LIMITED [REFERRED TO]
CENTURY ENKA LTD VS. INCOME TAX OFFICER D WARD [REFERRED TO]
M CT MUTHIAH CHETTIAR FAMILY TRUST VS. FOURTH INCOME TAX OFFICER [REFERRED TO]
MADRAS INDUSTRIAL LININGS LIMITED VS. INCOME TAX OFFICER [REFERRED TO]
COMMISSIONER OF INCOME TAX VS. GAEKWAR FOAM AND RUBBER CO LTD [REFERRED TO]
CAPSULATION SERVICES PVT LIMITED VS. COMMISSIONER OF INCOME TAX [REFERRED TO]

JUDGEMENT

(1.) In these writ petitions the validity of r. 19A of the I.T. Rules, 1962, as it stood applicable to the assessment years 1969-70 and 1974-75, is challenged as ultra vires of s. 80J of the I.T. Act, 1961, in so far as it prescribes that in computing the capital employed in an industrial undertaking, (1) the borrowed money and debts due by the assessee should be deducted, (2) that it should be computed as on the 1st day of the previous year, and (3) that it should be assessed at the written down value of the asset after allowing depreciation. These writ petitions can be conveniently disposed of by a common judgment.

(2.) Section 80J of the I.T. Act, in so far as it is relevant for our present purpose, reads as follows:

(3.) In exercise of the rule-making power vested under s. 296 of the Act, the Central Board of Revenue has framed r. 19A, which reads as follows:

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WARNER HINDUSTAN LIMITED Vs. INCOME TAX OFFICER

Referred Judgements :-

JUDGEMENT

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