https://www.taxtmi.com/caselaws?id=334725 The appeals filed by the assessee were partly allowed. The Tribunal directed the Assessing Officer to allow deductions for interest incurred on borrowed funds related to securities and guarantees provided to the National Stock Exchange. The Tribunal also instructed the AO to verify and allow the credit of Tax Deducted at Source (TDS) after providing the assessee with a reasonable opportunity to be heard. However, the disallowance of loss on valuation of stocks and financial costs was upheld. Additionally, the disallowance of depreciation was affirmed, with the provision for claiming depreciation upon resumption of business activities. en-us Thu, 25 Aug 2016 00:00:00 +0530 Sat, 19 Nov 2016 12:03:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334725 The appeals filed by the assessee were partly allowed. The Tribunal directed the Assessing Officer to allow deductions for interest incurred on borrowed funds related to securities and guarantees provided to the National Stock Exchange. The Tribunal also instructed the AO to verify and allow the credit of Tax Deducted at Source (TDS) after providing the assessee with a reasonable opportunity to be heard. However, the disallowance of loss on valuation of stocks and financial costs was upheld. Additionally, the disallowance of depreciation was affirmed, with the provision for claiming depreciation upon resumption of business activities. Case-Laws Income Tax Thu, 25 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334725