https://www.taxtmi.com/caselaws?id=251701 The High Court ruled in favor of the assessee on all three issues raised in the appeals. It held that the set off of brought forward losses and unabsorbed depreciation against business income was permissible due to unity of control and common management. The deduction of interest on borrowed capital for capital-work-in-progress was allowed as the funds were used for business expansion. The deletion of trading addition made by the Assessing Officer was upheld after clarifying the impact of excise duty on gross profit rate calculation. The Department's appeals were dismissed, and the appellate authorities' decisions were upheld. en-us Wed, 17 Sep 2014 00:00:00 +0530 Thu, 25 Sep 2014 09:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251701 The High Court ruled in favor of the assessee on all three issues raised in the appeals. It held that the set off of brought forward losses and unabsorbed depreciation against business income was permissible due to unity of control and common management. The deduction of interest on borrowed capital for capital-work-in-progress was allowed as the funds were used for business expansion. The deletion of trading addition made by the Assessing Officer was upheld after clarifying the impact of excise duty on gross profit rate calculation. The Department's appeals were dismissed, and the appellate authorities' decisions were upheld. Case-Laws Income Tax Wed, 17 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251701