https://www.taxtmi.com/caselaws?id=270987 A bank stock statement is not conclusive where the stock difference is reasonably explained by samples and sales timing, so an addition based solely on that statement is unsustainable. Printing activity may qualify as manufacture for additional depreciation, and unsupported assumptions that machinery is second hand cannot justify disallowance. Interest disallowance on advances to directors requires a finding of diversion of interest-bearing funds; absent that, relief is warranted. Depreciation depends on ownership and business use, not merely on sales figures or formal commercial production. Written down value cannot be substituted without requisite approval, and pre-operative receipts cannot be treated as profit without deducting related expenditure. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 22 Jan 2016 09:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270987 A bank stock statement is not conclusive where the stock difference is reasonably explained by samples and sales timing, so an addition based solely on that statement is unsustainable. Printing activity may qualify as manufacture for additional depreciation, and unsupported assumptions that machinery is second hand cannot justify disallowance. Interest disallowance on advances to directors requires a finding of diversion of interest-bearing funds; absent that, relief is warranted. Depreciation depends on ownership and business use, not merely on sales figures or formal commercial production. Written down value cannot be substituted without requisite approval, and pre-operative receipts cannot be treated as profit without deducting related expenditure. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270987