https://www.taxtmi.com/caselaws?id=218534 Interest on advances to sister concerns and capitalisation of borrowed-fund costs for machinery was disallowed where the Tribunal followed its earlier view that borrowed funds used for non-business purposes attract disallowance. Unaccounted interest income on alleged undisclosed investment was not sustained, as the issue had already been decided in the assessee's favour in an earlier year. Stock shortage on physical verification was accepted as a genuine business loss. No disallowance under section 14A was made because the investment was made under Government direction and no exempt income arose. A closing stock valuation reduction was allowed despite absence of a revised return, since the accounting method was consistently followed. en-us Tue, 31 Jul 2012 00:00:00 +0530 Thu, 01 Nov 2012 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218534 Interest on advances to sister concerns and capitalisation of borrowed-fund costs for machinery was disallowed where the Tribunal followed its earlier view that borrowed funds used for non-business purposes attract disallowance. Unaccounted interest income on alleged undisclosed investment was not sustained, as the issue had already been decided in the assessee's favour in an earlier year. Stock shortage on physical verification was accepted as a genuine business loss. No disallowance under section 14A was made because the investment was made under Government direction and no exempt income arose. A closing stock valuation reduction was allowed despite absence of a revised return, since the accounting method was consistently followed. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218534