https://www.taxtmi.com/caselaws?id=218606 The Tribunal held that the addition of interest on the advance to Trivandrum Rubber Works Ltd as receivable was not justified, setting aside the lower authorities' orders. Regarding the loss on revaluation of spares, the Tribunal confirmed the disallowance of the claim, stating it was capital in nature. The issue of excluding the sale value of scrap from turnover was remitted back to the assessing officer for reconsideration following the High Court's directions. The appeal on the unsecured loan amount was allowed, the appeal on the loss on revaluation of spares was partly allowed, and the issue on the sale value of scrap was remanded for further review. en-us Fri, 27 Jul 2012 00:00:00 +0530 Wed, 21 Nov 2012 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218606 The Tribunal held that the addition of interest on the advance to Trivandrum Rubber Works Ltd as receivable was not justified, setting aside the lower authorities' orders. Regarding the loss on revaluation of spares, the Tribunal confirmed the disallowance of the claim, stating it was capital in nature. The issue of excluding the sale value of scrap from turnover was remitted back to the assessing officer for reconsideration following the High Court's directions. The appeal on the unsecured loan amount was allowed, the appeal on the loss on revaluation of spares was partly allowed, and the issue on the sale value of scrap was remanded for further review. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218606