https://www.taxtmi.com/caselaws?id=268500 The High Court dismissed the appeal filed by the revenue under Section 260A of the Income Tax Act against an order passed by the Income Tax Appellate Tribunal. The Court upheld the Tribunal's decision, ruling in favor of the assessee on the addition of closing work in progress and disallowance of interest on interest-free loans. The Court emphasized the importance of consistency in accounting methods and the requirement for authorities to justify any deviation from established practices. The Tribunal's findings were deemed factual and legally sound, leading to the dismissal of the appeal. en-us Wed, 14 Oct 2015 00:00:00 +0530 Fri, 27 Nov 2015 10:54:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268500 The High Court dismissed the appeal filed by the revenue under Section 260A of the Income Tax Act against an order passed by the Income Tax Appellate Tribunal. The Court upheld the Tribunal's decision, ruling in favor of the assessee on the addition of closing work in progress and disallowance of interest on interest-free loans. The Court emphasized the importance of consistency in accounting methods and the requirement for authorities to justify any deviation from established practices. The Tribunal's findings were deemed factual and legally sound, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268500