Deduction for interest expenditure on work in progress as closing stock was rejected following the assessee's earlier adverse decision.

Deduction under section 36(1)(iii) for proportionate expenditure allocable to work in progress forming part of closing stock was in issue. The Bombay HC followed its earlier order in the assessee's own case on the same question and dismissed the appeal. The text indicates that the claim for deduction was not accepted on the identical issue already decided against the assessee.

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Issues: Whether the assessee was entitled to deduction under section 36(1)(iii) of the Income-tax Act, 1961 on proportionate expenditure allocable to work in progress forming part of closing stock.

Outcome: The appeal was dismissed following the earlier order in the assessee's case on an identical issue.

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