https://www.taxtmi.com/caselaws?id=211145 The Delhi High Court ruled in favor of the respondent assessee in a case concerning the valuation of closing stock for the assessment year 2001-02. The Tribunal accepted the net realizable value declared by the assessee, rejecting the Assessing Officer's method. Additionally, the Court held that no interest expenditure could be disallowed under Section 14A as borrowed funds were not utilized for investments. Furthermore, it was established that interest under Section 234D is applicable only from the assessment year 2004-05 onwards, leading to the dismissal of the Revenue's claim for interest for the relevant year. en-us Fri, 03 Feb 2012 00:00:00 +0530 Tue, 06 Mar 2012 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211145 The Delhi High Court ruled in favor of the respondent assessee in a case concerning the valuation of closing stock for the assessment year 2001-02. The Tribunal accepted the net realizable value declared by the assessee, rejecting the Assessing Officer's method. Additionally, the Court held that no interest expenditure could be disallowed under Section 14A as borrowed funds were not utilized for investments. Furthermore, it was established that interest under Section 234D is applicable only from the assessment year 2004-05 onwards, leading to the dismissal of the Revenue's claim for interest for the relevant year. Case-Laws Income Tax Fri, 03 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211145