https://www.taxtmi.com/caselaws?id=214201 The Tribunal partly allowed the assessee's appeal, deleting the addition of excise duty in closing stock valuation and allowing deductions for interest paid on borrowed funds. The Tribunal remanded the issue of netting of interest for fresh adjudication. Additionally, software expenses, business loss on discontinuation of ERP system installation, website expenses, and export incentives were allowed. The Tribunal upheld the deletion of foreign currency loss disallowance, considering it as revenue expenditure related to working capital. The Revenue's appeal was dismissed, and the Tribunal's decision was based on consistent accounting methods and judicial precedents. en-us Wed, 02 May 2012 00:00:00 +0530 Sat, 21 May 2016 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214201 The Tribunal partly allowed the assessee's appeal, deleting the addition of excise duty in closing stock valuation and allowing deductions for interest paid on borrowed funds. The Tribunal remanded the issue of netting of interest for fresh adjudication. Additionally, software expenses, business loss on discontinuation of ERP system installation, website expenses, and export incentives were allowed. The Tribunal upheld the deletion of foreign currency loss disallowance, considering it as revenue expenditure related to working capital. The Revenue's appeal was dismissed, and the Tribunal's decision was based on consistent accounting methods and judicial precedents. Case-Laws Income Tax Wed, 02 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214201