https://www.taxtmi.com/caselaws?id=241120 The High Court partially allowed the appeal, ruling in favor of the assessee on most issues, except for the valuation of closing stock on account of interest, which was remanded for further examination. The Court upheld the taxability of the 'Capital Replenishment Reserve' under the Sugar Incentive Scheme, the transfer of funds to the molasses reserve fund, and the depreciation rate on lorry and trucks. Disallowances of interest paid on borrowed funds, lease rent, and rental charges of gas cylinders were also in favor of the assessee based on previous judgments. en-us Fri, 13 Dec 2013 00:00:00 +0530 Tue, 17 Dec 2013 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241120 The High Court partially allowed the appeal, ruling in favor of the assessee on most issues, except for the valuation of closing stock on account of interest, which was remanded for further examination. The Court upheld the taxability of the 'Capital Replenishment Reserve' under the Sugar Incentive Scheme, the transfer of funds to the molasses reserve fund, and the depreciation rate on lorry and trucks. Disallowances of interest paid on borrowed funds, lease rent, and rental charges of gas cylinders were also in favor of the assessee based on previous judgments. Case-Laws Income Tax Fri, 13 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241120