https://www.taxtmi.com/caselaws?id=69556 The Tribunal upheld the Commissioner(Appeals)'s decision in the case regarding the valuation of closing stock of imported raw material, emphasizing that section 43B does not govern stock valuation. The Tribunal held that including customs duty in opening stock but excluding it in closing stock would distort valuation. In the matter of disallowance of interest paid on monies borrowed, the Tribunal agreed with the CIT(A) that the funds transferred to the subsidiary were for business purposes, justifying the deduction of interest paid. The disallowance was deemed unjustified as the funds were utilized for business activities. en-us Fri, 22 Mar 1991 00:00:00 +0530 Thu, 07 Apr 2011 16:00:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69556 The Tribunal upheld the Commissioner(Appeals)'s decision in the case regarding the valuation of closing stock of imported raw material, emphasizing that section 43B does not govern stock valuation. The Tribunal held that including customs duty in opening stock but excluding it in closing stock would distort valuation. In the matter of disallowance of interest paid on monies borrowed, the Tribunal agreed with the CIT(A) that the funds transferred to the subsidiary were for business purposes, justifying the deduction of interest paid. The disallowance was deemed unjustified as the funds were utilized for business activities. Case-Laws Income Tax Fri, 22 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69556