https://www.taxtmi.com/caselaws?id=250026 The Tribunal upheld the decisions of the Commissioner of Income Tax (Appeals) in all three issues, dismissing the Revenue's appeals. The disallowance of interest under Section 14A was overturned due to lack of fresh investments and sufficient interest-free funds. Depreciation on motor-cars was allowed as previous decisions favored the Assessee, and there was no evidence against business use. The addition of overhead expenses to the closing stock valuation was upheld, with the increased value considered part of the subsequent year's opening stock. en-us Mon, 30 Jun 2014 00:00:00 +0530 Thu, 31 Jul 2014 15:05:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250026 The Tribunal upheld the decisions of the Commissioner of Income Tax (Appeals) in all three issues, dismissing the Revenue's appeals. The disallowance of interest under Section 14A was overturned due to lack of fresh investments and sufficient interest-free funds. Depreciation on motor-cars was allowed as previous decisions favored the Assessee, and there was no evidence against business use. The addition of overhead expenses to the closing stock valuation was upheld, with the increased value considered part of the subsequent year's opening stock. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250026