https://www.taxtmi.com/caselaws?id=193498 The High Court held that the addition of Rs. 15,25,685 for interest paid to M/s IFCI Ltd. was not disallowable under Section 37(1) of the Income Tax Act. It also ruled that the deletion of the addition of Rs. 70,44,023 for amounts written off was justified as the old stock value was claimed by the assessee. The Court admitted the appeal on the addition of Rs. 22,90,00,000 transferred to capital reserve, citing potential applicability of Section 41(1) of the Act. The Court issued a notice for further proceedings on this matter. en-us Wed, 15 Mar 2017 00:00:00 +0530 Wed, 02 Aug 2017 11:01:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193498 The High Court held that the addition of Rs. 15,25,685 for interest paid to M/s IFCI Ltd. was not disallowable under Section 37(1) of the Income Tax Act. It also ruled that the deletion of the addition of Rs. 70,44,023 for amounts written off was justified as the old stock value was claimed by the assessee. The Court admitted the appeal on the addition of Rs. 22,90,00,000 transferred to capital reserve, citing potential applicability of Section 41(1) of the Act. The Court issued a notice for further proceedings on this matter. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193498