https://www.taxtmi.com/caselaws?id=255236 The High Court dismissed the Revenue's appeals regarding the disallowance of expenditure on plastic moulds and the provision for obsolete stock by the respondent-assessee. The court held that the expenditure on plastic moulds met the conditions of Section 37(1) of the Income Tax Act, 1961, and was wholly and exclusively for business purposes, thus allowing it as a deduction. Additionally, the court found no justification to interfere with the respondent-assessee's provision for obsolete stock, noting the consistent valuation practices followed and the proper recording of subsequent sales proceeds. en-us Mon, 22 Dec 2014 00:00:00 +0530 Mon, 12 Jan 2015 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255236 The High Court dismissed the Revenue's appeals regarding the disallowance of expenditure on plastic moulds and the provision for obsolete stock by the respondent-assessee. The court held that the expenditure on plastic moulds met the conditions of Section 37(1) of the Income Tax Act, 1961, and was wholly and exclusively for business purposes, thus allowing it as a deduction. Additionally, the court found no justification to interfere with the respondent-assessee's provision for obsolete stock, noting the consistent valuation practices followed and the proper recording of subsequent sales proceeds. Case-Laws Income Tax Mon, 22 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255236