Cit Vs. Gujarat Mineral Development Corporation - Court Judgment

Excerpt:
.....high court in cit v. gujarat mineral development corporation (1981) 132 itr 377 (guj) and cit v. elecon engineering co. ltd. (1987) 167 itr 639 (sc) followed. application: not to current assessment year. decision: in favour of assessee. income tax act 1961 s.37(1) deduction under sections 80j and 84--capital employedcomputation--surplus fund deposited in short-term deposits catch note: surplus fund, not immediatedly required for business purposes, deposited in short-term deposits would be included for computing capital employed under sections 80j and 84. case law analysis: decision of the gujarat high court in cit v. gujarat mineral development corporation (1981) 132 itr 377 (guj) affirmed.cit v. elecon engineering co. ltd. (1987) 167 itr 639 (sc) followed. application: not to.....orderin view of the decision of this court in the case of cit v. elecon engineering co. ltd. : [1987]167itr639(sc) , these appeals are dismissed. there will be no order as to costs.

Judgment:
ORDER

In view of the decision of this court in the case of CIT v. Elecon Engineering Co. Ltd. : [1987]167ITR639(SC) , these appeals are dismissed. There will be no order as to costs.