https://www.taxtmi.com/caselaws?id=233651 The High Court ruled in favor of the assessee on both issues raised in the appeal under Section 260A of the Income Tax Act, 1961. The Court determined that the excess 'security deposits' over refunds received on the sale of bottles should be treated as a trading receipt. Additionally, the deletion of the addition made on account of interest on interest-free loans to directors and sister concerns was justified based on the principle of commercial expediency. The Court emphasized the importance of establishing commercial expediency in such transactions and directed the Commissioner of Income Tax (Appeals) to re-examine the matter for further proceedings. en-us Tue, 07 May 2013 00:00:00 +0530 Fri, 10 May 2013 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233651 The High Court ruled in favor of the assessee on both issues raised in the appeal under Section 260A of the Income Tax Act, 1961. The Court determined that the excess 'security deposits' over refunds received on the sale of bottles should be treated as a trading receipt. Additionally, the deletion of the addition made on account of interest on interest-free loans to directors and sister concerns was justified based on the principle of commercial expediency. The Court emphasized the importance of establishing commercial expediency in such transactions and directed the Commissioner of Income Tax (Appeals) to re-examine the matter for further proceedings. Case-Laws Income Tax Tue, 07 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233651