https://www.taxtmi.com/caselaws?id=2249 The High Court ruled in favor of the assessee, upholding the Tribunal's decisions on various issues. The deductions for interest paid on borrowings, expenditure on machinery repairs, and allowance of depreciation and repairs for standby vehicles were all deemed allowable. The Court emphasized the business purpose behind the expenses and upheld the principle that commercial expediency justifies certain deductions. The Court also confirmed that the income should be assessed based on actual receipts disclosed by the assessee, ultimately ruling in favor of the assessee against the Revenue. en-us Tue, 15 May 2007 00:00:00 +0530 Fri, 01 Aug 2008 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2249 The High Court ruled in favor of the assessee, upholding the Tribunal's decisions on various issues. The deductions for interest paid on borrowings, expenditure on machinery repairs, and allowance of depreciation and repairs for standby vehicles were all deemed allowable. The Court emphasized the business purpose behind the expenses and upheld the principle that commercial expediency justifies certain deductions. The Court also confirmed that the income should be assessed based on actual receipts disclosed by the assessee, ultimately ruling in favor of the assessee against the Revenue. Case-Laws Income Tax Tue, 15 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2249