https://www.taxtmi.com/caselaws?id=190028 The court ruled against the assessee regarding the deduction of Rs. 71,395 as a trading loss from fabricated purchase, citing that the liability was not accrued during the assessment year. However, the court allowed the deduction of Rs. 19,199 as a trading loss from investment in U.P. State Development Loan, emphasizing business expediency. Additionally, the deduction of Rs. 36,745 payable as interest under the U.P. Sugarcane (Purchase) Tax Act, 1961 was permitted. Conversely, the deduction of Rs. 3,572 paid as interest under the Income-tax Act, 1961 was disallowed. The court upheld the calculation of extra shift depreciation allowance for double and triple shift working. The assessee was awarded costs of Rs. 300 from the department for prevailing in most issues. en-us Wed, 21 Aug 1991 00:00:00 +0530 Wed, 01 Feb 2017 12:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190028 The court ruled against the assessee regarding the deduction of Rs. 71,395 as a trading loss from fabricated purchase, citing that the liability was not accrued during the assessment year. However, the court allowed the deduction of Rs. 19,199 as a trading loss from investment in U.P. State Development Loan, emphasizing business expediency. Additionally, the deduction of Rs. 36,745 payable as interest under the U.P. Sugarcane (Purchase) Tax Act, 1961 was permitted. Conversely, the deduction of Rs. 3,572 paid as interest under the Income-tax Act, 1961 was disallowed. The court upheld the calculation of extra shift depreciation allowance for double and triple shift working. The assessee was awarded costs of Rs. 300 from the department for prevailing in most issues. Case-Laws Income Tax Wed, 21 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190028