Section 35D of Income Tax Act

Gauravgupta (63 Points)

13 October 2007  

Hi Friends,

please clarify me whether the term "capital employed" used in section 35D of IT Act means issued capital or paid up capital.......... in act it says issued capital......... but why is it so?........ since in real sense what we have employed in the company is only paid up capital

it would be of great help if one could specify any case law in this regard

Gaurav Gupta