https://www.taxtmi.com/caselaws?id=118316 The Tribunal partly allowed the appeal, upholding the disallowance of expenses and depreciation on the motor car due to personal use. The issue of disallowance of interest on borrowed funds was remanded for re-examination to verify the nexus between interest-free funds and the HUF account. Additionally, the Tribunal agreed to value the closing stock at cost or market value, whichever is lower, and directed the Assessing Officer to verify and modify the closing stock value accordingly. en-us Fri, 28 Apr 2006 00:00:00 +0530 Fri, 29 Jun 2012 18:09:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118316 The Tribunal partly allowed the appeal, upholding the disallowance of expenses and depreciation on the motor car due to personal use. The issue of disallowance of interest on borrowed funds was remanded for re-examination to verify the nexus between interest-free funds and the HUF account. Additionally, the Tribunal agreed to value the closing stock at cost or market value, whichever is lower, and directed the Assessing Officer to verify and modify the closing stock value accordingly. Case-Laws Income Tax Fri, 28 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118316